Nazara Completes $303 Million Acquisition of Bluetile Games and BestPlay Systems

India-based gaming holding Nazara Technologies has closed the acquisition of 100% of Spain-based mobile games developer Bluetile Games and its affiliated player-engagement platform BestPlay Systems for a fixed all-cash consideration of $303.0 million. The two businesses became step-down subsidiaries with effect from August 3, 2026, and will consolidate from the second quarter of fiscal year 2027. The total consideration splits into $223 million for Bluetile and $80 million for BestPlay. A first tranche of $89.5 million has been paid in cash, with the remaining balance of $214 million due in three installments to be paid before April 2027. Terms were amended from the initial announcement in March 2026 to replace the old agreement outright, allowing Nazara to buy both companies in full on day one at a single fixed price.

Managing Director and Chief Executive Officer Nitish Mittersain outlined the reasons for the deal structure changes during an earnings call. Founded in Barcelona in 2019, Bluetile operates 17 live casual and social titles, including Yatzy, Mahjong Voyage, Domino Legends, and Spade Stars, boasting 375 million lifetime downloads and 22 million monthly active users. BestPlay, founded in 2023, operates a discovery and cross-promotion platform with 2.2 million monthly active users. Combined calendar year 2025 turnover reached $153.6 million on $27.7 million EBITDA, representing an 18% margin.

On August 6, 2026, Nazara’s board approved a preferential issue of up to 23,970,676 shares at $3.20 each to raise up to $77 million, to be subscribed entirely by the founders and senior leadership of Bluetile and BestPlay. Six named allottees would take 5.87% of the enlarged capital. The largest allottee is Bluetile founder Raymond Albaladejo Stauffer, who takes $61 million of the issue for a 4.67% stake and becomes Nazara Chief Executive Officer on September 1, 2026. Nazara stated that Raymond is backing his conviction in the company with a substantial personal investment rather than receiving additional stock-based incentives. Nitish Mittersain will resign as CEO on the same date and continue as Managing Director focusing on long-term strategy, portfolio direction, and partnerships.

Nazara reported financial results for the first quarter of fiscal year 2027 on August 3. Quarterly revenue reached $45.3 million, down 14% year-over-year due to the deconsolidation of Indian esports firm NODWIN Gaming from August 2025, but up roughly 9% excluding it. The group swung to a net loss of $8.7 million, primarily driven by associate losses and impairment charges related to its remaining real-money gaming exposure in India. By comparison, Bluetile and BestPlay turned over $54.8 million in the first quarter of fiscal year 2027, surpassing the entire parent group revenue and producing more EBITDA than the rest of the company combined.