Nazara Technologies Limited agreed to acquire remaining 28.12% stake in Next Wave Multimedia Private Limited from P.R Rajendran, Ms. R Kalpana and Ms. P.R Jayashree for approximately INR 220 million.

Nazara Technologies Limited (NSEI:NAZARA) agreed to acquire remaining 28.12% stake in Next Wave Multimedia Private Limited from P.R Rajendran, Ms. R Kalpana and Ms. P.R Jayashree for approximately INR 220 million on May 24, 2024. In first tranche, the Company shall acquire 1,000 Equity Shares, representing 3% of the equity share capital of Nextwave, on such date as mutually agreed between the Company and Sellers for an aggregate consideration of INR 23 million, which shall be payable in Cash. In second tranche, the Company shall acquire 8,375 Equity Shares, representing 25.12% of the equity share capital of Nextwave, within a period of 6 months from the Initial Closing Date, on a date mutually agreed between the Company and Sellers for an aggregate consideration of INR 194 million which may be discharged either in cash or by way of issuance of equity shares of the Company or in combination of both, which shall be decided by theCompany at its sole discretion.

For the period ended March 31, 2024 Next Wave Multimedia Private Limited reported revenue of INR 220 million. Both the tranche are expected to complete within six months.