Marking a major milestone in its global expansion strategy, Nazara Technologies announced on March 18, 2026, that it is acquiring a 50% controlling stake in two Spanish gaming entities, Bluetile Games and BestPlay Systems, for a combined $100.3 million (approx. ₹918 crore). This represents the largest merger and acquisition (M&A) deal in the history of the Indian gaming segment.
The “AI-First” Strategic Fit
The acquisition is not just about adding titles but about integrating a sophisticated technology stack. Nazara’s CEO, Nitish Mittersain, emphasized that the move aligns with the company’s pivot toward building an AI-enabled global gaming platform.
- Bluetile Games (Barcelona): A mobile studio with a powerhouse portfolio of 17 live casual and social games, including Yatzy, Domino Legends, and Mahjong Voyage. It brings 22 million monthly active users (MAUs) and a track record of 375 million downloads.
- BestPlay Systems: An in-house “rewarded engagement” and distribution platform. It acts as the engine for player acquisition and retention, utilizing AI to maximize user monetization across the portfolio.
Deal Structure: A Phased Takeover
Nazara is utilizing a disciplined “pay-for-performance” structure to manage risk while scaling its stake.
| Phase | Timeline | Financial Details |
| Initial Close | Immediate | $59.7 Million cash payout. |
| Second Tranche | Within 6 Months | $40.6 Million (can be up to 25% equity). |
| Earn-outs | 2028–2030 | Up to $98.2 Million based on CY27-29 targets. |
| Full Buyout | By 2028 | Option to acquire remaining 50% at 6.6x EBITDA. |
Total Potential Deal Size: If all performance targets are met and the full buyout is exercised, the total transaction value could climb to $314–$340 million.
Financial Snapshot: Boosting the Bottom Line
The Spanish duo reported a combined revenue of $153.6 million (₹1,405 crore) and an EBITDA of $27.7 million (₹254 crore) for the 2025 calendar year. For Nazara, this acquisition is expected to be immediately “EBITDA-accretive,” helping offset recent revenue dips following the deconsolidation of its esports arm, Nodwin Gaming.
- Nazara Q3 FY26 Context: The company recently reported a 24% YoY decline in operating revenue (to ₹406 crore) due to the Nodwin shift. The Bluetile/BestPlay deal effectively doubles Nazara’s core gaming revenue footprint overnight.
Market Reaction: A “Level Up” for Shares
Investors cheered the move, with Nazara shares (NAZARA) rallying over 7% to close at ₹255 on Wednesday. Analysts from Morgan Stanley—who recently acquired a 0.78% stake in the firm—noted that the move reduces Nazara’s “single-title risk” by adding a diversified portfolio of profitable social games.
“We are doubling down on the core gaming strategy,” said Nitish Mittersain. “The Bluetile team has embedded AI at the core of its operations—not just as a tool, but as a competitive advantage across development, marketing, and live operations.”
