NAZARA

Acquires Bluetile and BestPlay for $340 Million

is acquiring Spain-based Bluetile Games S.L. and BestPlay Systems for a total consideration of ~$340 million, including performance-based payouts. The deal marks a significant step in Nazara’s global expansion strategy, adding new capabilities and revenue streams to its gaming portfolio. The acquisition will be executed via Nazara’s UK subsidiary. Deal Structure - Initial stake: 50% controlling interest for $100.3 million, funded primarily through Nazara’s reserves. - Remaining 50%: - Valuation based on 6.6x trailing EBITDA. - Estimated cost: $130–140 million, exercisable by 2028 via call/put options. - Performance-linked earn-outs: - Estimated payout: $98.2 million, distributed annually from 2028 to 2030. - Expected to be funded from Bluetile and BestPlay’s operating cash flows. Financials & Synergies - Combined revenue (2025): $153.6 million. - Combined EBITDA: $27.7 million. - Nazara expects the acquisition to enhance its global footprint and strengthen its monetization capabilities across platforms. Strategic Fit - Nazara’s existing portfolio includes: - Curve Games, Kiddopia, Animal Jam, Fusebox Games, World Cricket Championship, Sportskeeda. - The acquisition adds depth to Nazara’s international presence and complements its existing IP-driven and platform-led businesses. - The structure allows phased integration and risk mitigation through performance-based payouts. Outlook This acquisition positions Nazara to scale its global operations and diversify revenue streams. With strong cash flows from the acquired entities and a structured payout model, the deal is expected to be accretive over the medium term. Execution of the integration and realization of synergies will be key to unlocking full value.