India’s home grown Nazara Technologies announced on Thursday that it has signed a binding term agreement to acquire majority stake in PublishME. PublishME is the largest mobile game publishing agency in the Middle East and Turkey. Nazara will invest approximately INR 20 Crore for acquiring 69.82% stake in the company. The deal will be done through primary and secondary transaction and the deal will be done through Nazara’s subsidiary company.
This is Nazara’s first acquisition post its successful IPO listing earlier this year. Nazara’s share price opened strongly on Thursday, trading at INR 1677 on NSE, nearly 0.84% jump from yesterday’s closing. There is every likelihood that the market might greet this news positively and the stock’s price might jump further during the inter-day trading.
Publishme is a full-service games marketing and publishing agency which works extensively with gaming publishers in Turkey and the MENA region. According to its official website, the company counts high profile clients like Asus, NVIDIA, Gillete and Epic Games.
Techpluto was unable to gather information about PublishMe’s existing investors, most of whom will now get a exit.
Nazara already has a presence in the international market, especially in Africa and North America. Following this acquisition, it will consolidate its presence in the middle eastern region. Besides, for the first it will foray into Turkish market.
Commenting on the acquisition, Nitish Mittersain said “MENA is a key geography for us and this acquisition will help us in establishing ourselves as a key player in the region. We are excited to have someone with deep regional knowledge and capabilities like Özgür and his team join the ‘Friends of Nazara’ network”
Nazara had announced its financial results for FY21 only few weeks back. The company announced that its operating revenues grew by 84% YoY to Rs. 4,542 Million while its EBITDA grew by 508% YoY to Rs. 596 Million. The company’s profit after tax or PAT stood at Rs. 136 Million in Fy21.