Nazara Technologies Acquires 50% Stake in Bluetile Games, BestPlay for $100M

India's Nazara Technologies tapped nearly its entire cash reserve to buy into Barcelona, signing definitive agreements on March 18 to acquire controlling stakes in casual mobile studio Bluetile Games and its companion engagement platform BestPlay Systems for $100.3 million, the company's largest acquisition to date.

The deal, executed through Nazara's wholly owned British subsidiary Nazara Technologies UK Limited, gives Nazara a 50.00049% stake in Bluetile Games S.L. and a 50.00033% stake in BestPlay Systems S.L. for a combined initial consideration of roughly $100.3 million. Nazara CEO Nitish Mittersain told Mint the funding source was blunt: "We are sitting on around $100 million cash right now, most of which will be meaningfully used up for acquiring the first 50% in Bluetile and BestPlay."

The prize is a profitable, scaled casual portfolio. For the 12 months ending December 2025, Bluetile and BestPlay together posted revenue of $153.6 million and EBITDA of $27.7 million. Bluetile's 17 live games, including Yatzy, Domino Legends, Spade Stars, and Mahjong Voyage, have accumulated nearly 375 million downloads and 22 million monthly active users. BestPlay, Bluetile's in-house rewarded engagement platform, adds another 2.2 million monthly active users and handles user acquisition, retention, and cross-promotion across the portfolio.

Of the $100.3 million initial outlay, $88.4 million funds the Bluetile stake and $11.9 million covers BestPlay, according to Inc42. The payment schedule, also reported by Inc42, calls for $59.7 million upfront with the remaining $40.6 million due within six months of closing.

The transaction's full scope could run considerably higher. Performance-linked earn-outs tied to revenue and EBITDA targets for calendar years 2027 through 2029 carry a most-probable payout of $98.2 million, with annual distributions scheduled from 2028 to 2030. Mittersain said Nazara expects to fund those earn-out payments from Bluetile and BestPlay's own operating cash flows, with up to 25% of each instalment potentially settled in listed Nazara equity at the company's discretion. Nazara also retains a call option, matched by a seller put option, to acquire the remaining 50% by 2028 at a valuation of 6.6 times trailing EBITDA. Mittersain estimated that remaining half will cost around $130 to $140 million. If all options and earn-outs are fully exercised, Economic Times reported a total deal size approaching $314 million; Mint put the figure closer to $340 million, with the difference reflecting different assumptions about the remaining-stake valuation and earn-out realization.

Mittersain framed the acquisition less as a content play and more as a technology acquisition. "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," he said. "This acquisition is not just about adding games. It's about building a scalable, AI-enabled platform that can create, optimise, and grow global gaming IP at speed."

The deal extends a pattern of European deal-making for Nazara, which has previously invested in Moonshine Technology, Curve Games, and Fusebox Games. Nazara shares moved sharply on the news: Inc42 reported the stock rallied 4% after Morgan Stanley separately picked up a stake worth roughly 69 crore rupees around the same period.