Nazara Technologies announced its subsidiary Nodwin International has signed definitive agreements for the acquisition of 51% of the share capital of Branded for a cash consideration of $1.3 million. The acquisition will be completed in 90 days.
Nazara Technologies in its regulatory filing stated, “Nodwin International, wholly owned subsidiary of Nodwin Gaming, material subsidiary of the Company, has signed definitive agreements for the acquisition of 51% of the share capital of Branded, at a consideration of upto USD 1.3 million, to be paid in cash.”
The acquisition is proposed by way combination of both primary infusion in shares and secondary purchase of shares from the existing shareholder of Branded, which in aggregate would represent up to 51% of the share capital of Branded.
The filing further added, “The proposed acquisition is subject to fulfilment of certain customary conditions precedent and other terms and conditions as set forth in the definitive agreements. The acquisition is being funded out of internal cash reserves of Nodwin International and the cash reserves created by way of equity infusion which is proposed to be advanced by Nodwin to Nodwin International.”
As a result of this acquisition, Nodwin International will own IPs of Branded such as Gaming Matters, Sports Matters, Music Matters and others. Branded also owns and executes a few women centric IPs, such as It’s a Girl Thing and produces She Loves Tech in Singapore.
The filing further added, “These IPs will help broaden the base for Nodwin across gender and geographies to make Gaming and esports more inclusive.”
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