Nazara Technologies increases stake in parent company Sportskeeda

Nazara Technologies has acquired an additional 19.35% stake in Absolute Sports, the parent company of Sportskeeda, for ₹145.5 Crores. With this purchase, Nazara’s total stake in Absolute Sports increases to 91%, strengthening the company’s position as a leader in sports media.

In addition to this strategic acquisition, Nazara is actively pursuing additional growth opportunities, including acquisitions in the offline gaming and publishing sectors.

In a separate filing on September 18, 2024, the company had announced its ambition to raise Rs 900 crore. The funds raised will be used for strategic acquisitions and business expansion, enhancing Nazar’s potential to capitalise on new growth opportunities, the company said in a stock exchange filing.

Last month, Nazara received a letter of intent (LOI) to acquire Smaaash Entertainment, a sports entertainment company backed by cricket legend Sachin Tendulkar.

Nazara has also made a significant investment in the blockchain industry by purchasing a 15.86% stake in Stan, a blockchain-based esports fan interaction company, through its wholly owned subsidiary, Nazara Dubai FZ.

Nitish Mittersain, CEO and Joint Managing Director of Nazara Technologies, expressed confidence in the company’s expansion strategy. “Our decision to increase our stake in Absolute Sports to 91% reaffirms our commitment to supporting innovative teams that drive transformational growth. We look forward to our future acquisitions that will strengthen our market position,” he noted.

Nazara Technologies expands its portfolio through thoughtful investments and acquisitions, strengthening its position as a leader in the gaming and esports sector.

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