In one of the largest merger and acquisition (M&A) deals in the domestic gaming sector, Nazara Technologies has announced buying a significant stake in Moonshine Technology Pvt Ltd (MTPL), the parent company of PokerBaazi, for ₹982 crore.
The listed gaming and media technology firm's stock price hit a 52-week high on the acquisition news at ₹1,059.45 during intraday trading.
The shares of the company closed at ₹1,050.4, up 4.3 per cent.
Nazara will acquire 47.7 per cent in MTPL for ₹832 crore through a secondary transaction. The company will also inject ₹150 crore in primary capital via compulsory convertible preference shares.
MTPL is the holding company for four subsidiaries: Ross Technologies, Baazi Networks, Baazi Games, and SBN Gaming Network.
Baazi Networks operates PokerBaazi, which is India's largest online poker platform, driving over 85 per cent of Moonshine's net revenue, while its fantasy sports platform, SportsBaazi, contributes 12 per cent.
This story is from the September 14, 2024 edition of Business Standard.
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This story is from the September 14, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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