Nazara to buy 50% stake in Bluetile, BestPlay for ₹918 crore; earn-outs up to ₹898 crore

Diversified gaming and sports media firm Nazara Technologies Ltd on Wednesday (March 18) said it will acquire a 50% controlling stake in Bluetile Games SL and BestPlay Systems SL for $100.3 million (₹918 crore), with additional performance-linked earn-outs of up to $98.2 million (₹898 crore), as it expands its global gaming platform.

The acquisition will be executed through its wholly-owned subsidiary, Nazara Technologies UK Limited, under definitive agreements signed on March 18, 2026.

Bluetile operates a portfolio of casual and social mobile games, including Yatzy, Domino Legends, Mahjong Voyage and Spade Stars, with nearly 375 million downloads and 22 million monthly active users across 17 live games. BestPlay, its in-house rewarded engagement platform, adds 2.2 million monthly active users and supports player acquisition, retention and cross-promotion.

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For the 12 months ended December 2025, Bluetile and BestPlay reported combined revenue of $153.6 million (₹1,405 crore) and EBITDA of $27.7 million (₹254 crore). The companies have scaled operations over the last three years through portfolio expansion and global market execution.

The transaction structure includes a call option for Nazara and a corresponding put option for sellers to acquire or sell the remaining ~50% stake by 2028 at a valuation of 6.6x trailing calendar year EBITDA. The deal also includes earn-outs linked to revenue and EBITDA targets for CY2027–2029, payable annually between 2028 and 2030.

A significant portion of the contingent consideration is expected to be funded through operating cash flows and distributions of Bluetile and BestPlay, with up to 25% of each instalment payable in listed equity at Nazara’s discretion.

Bluetile has embedded artificial intelligence across its operations, including game development, data infrastructure, marketing and live operations, with AI-assisted pipelines reducing development cycles. The company is led by founder Raymond Stauffer, an MIT alumnus and former Google executive, along with a leadership team with experience across Zynga, King, Voodoo, Moonactive and Meta.

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Nazara said the acquisition will combine Bluetile’s AI-led development and live operations with BestPlay’s engagement platform and its own global publishing and IP ecosystem to scale casual and social gaming titles globally.

Nazara was advised by Jerome Merchant & Partners, Pérez-Llorca, Taxedge and KPMG, while Aream & Co and Uria Menendez advised Bluetile.

Nitish Mittersain, CEO, Nazara Technologies, said, "Nazara UK’s acquisition of Bluetile and BestPlay brings proven strengths across game development, player engagement and distribution, and will add meaningful synergies to our global gaming platform.”

He added, “The team has embedded AI at the core of its operations — not just as a tool, but as a competitive advantage across development, marketing and live operations. This acquisition marks an important step in our strategy to build AI-enabled, globally scalable gaming businesses. We are excited to welcome Raymond and his team to the Nazara family."

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Raymond Stauffer, General Manager, Bluetile Games, said, "Joining Nazara is a natural next step for Bluetile. Over the past several years, we’ve built a platform where technology and AI play a central role in helping us develop and scale games faster, stay lean operationally, and maximise user monetisation. Nazara brings global scale, capital and strategic expertise that will allow us to accelerate growth and expand our portfolio worldwide."

Shares of Nazara Technologies Ltd ended at ₹253.95, up by ₹14.95, or 6.26%, on the BSE today, March 18.

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