Nazara Technologies shares were gaining on Friday after its subsidiary, Nodwin Gaming, said it would buy out shares of European esports company Freaks 4U Gaming.
What Happened: Nodwin Gaming's subsidiary, Nodwin Gaming International, signed a definitive agreement to acquire the remaining stake in Freaks 4U Gaming. The transaction will be conducted through a share swap worth ₹271 crore.
Nodwin already holds a 13.51% stake in the Berlin-based company, which it picked up in January 2024.
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After the transaction, Nodwin’s stake will rise to 57%, while the remaining stake with the founders of Freaks 4U will be swapped at a later time. The existing investors of the gaming company will become shareholders of Nodwin.
Freaks 4U generated ₹223 crore of revenue in 2023. Nodwin and Freaks 4U have worked together on projects such as PUBG Mobile Global Open and Esports World Cup.
Earlier in June, Nazara's Absolute Sports, the unit behind Sportskeeda acquired assets of SoapCentral.com, a U.S. entertainment content publisher for ₹11.6 crore.
Price Action: Shares of Nazara Technologies rose 3.51% to ₹841.85 on Friday afternoon.
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