Nazara To Acquire Over 35% Stake In Moonshine Technology For Rs 820 Crore
Following the acquisition, Moonshine Technology has become an associate of Nazara.
Nazara Technologies Ltd. has inked a share purchase agreement to acquire 35.07% stake in Moonshine Technology Pvt. for Rs 820 crore.
According to the company's exchange filing, in keeping with the agreement, it has paid an amount of Rs 608.32 crore. This payment, which is the first tranche, includes cash and other components.
The balance amount of Rs 211.8 crore, including cash consideration of about Rs 15.9 crore, shall be discharged in the manner as outlined in the SPAs and in terms of the closing of the pact, it added.
The gaming and sports media said that the timeline for closing the deal has been extended to Jan. 31, 2025. The filing added that following the acquisition, Moonshine Technology has become its associate.
According to the original purchase agreement, Nazara Technologies was set to acquire 18,69,388 fully paid-up equity shares of Rs 10 each of Moonshine Technology, or a 47.02% stake.
However, the company said that has acquired only 13,94,118 equity shares which represent 35.07% stake in the target company.
The entities, which were part of the deal to sell their stakes, in Moonshine Technology, included PSM Group Ltd., Bellerive Capital BCP 6 Ltd., Shells and Shores Consultancy & Holdings LLP., and I3 Interactive Inc.
Other Moonshine Technology investors, who too were part of the agreement with Nazara Technologies, included Puneet Singh, Navkiran Singh, Avneet Rana, Varun Ganjoo, Anirudh Chaudhry and Gurjeet Karan.
Nazara has been on an acquisition spree for sometime now. In December, it had acquired Trinity Gaming India Pvt. for Rs 24 crore via its wholly owned subsidiary Nodwin Gaming Pvt.
Nodwin Gaming was part of the acquisitions that Nazara had announced earlier that month.
In the first week of December, the Mumbai-based company had announced that it will invest Rs 196 crore across five companies as part of its strategy to solidify its position across the gaming and entertainment ecosystems.
Its board of directors had approved proposals to acquire stakes in Funky Monkeys Play Centre Pvt., BeNinja Solutions Pvt., Nodwin Gaming Pvt., Datawrkz Business Solutions Pvt., and Absolute Sports Pvt.
Shares of Nazara Technologies Ltd. closed 0.28% higher at Rs 1,014.35 apiece on the BSE, compared to a 0.90% decline in the benchmark Sensex.
