Industry Updates
Nazara Technologies Raises Stake in Nextwave Multimedia to 87.44%
Nazara Technologies Ltd upgraded its holding of Next Wave Multimedia Private Limited from 83.25% to 87.44% of the share capital through a further investment of Rs 2.5 crore ($309,000) under a Share Purchase Agreement with the existing shareholders and founders of the company. This transaction gives Nazara stronger strategic control over this Chennai-based developer of mobile games, including the portfolio of mobile games produced by Next Wave Multimedia, which includes well-known titles like World Cricket Championship (which has been downloaded by millions across the world).
This increase of its strategic stake in NextWave Multimedia is consistent with Nazara’s investment strategy to expand its footprint and market leadership position in the interactive entertainment and mobile gaming industries.
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Nazara has been gradually building up its stake in Next Wave Multimedia through continuous acquisitions of shares since it purchased its initial stake of 51% in 2018 and now, with the purchase of this further equity stake, it further extends its overall corporate growth strategy to build a scalable and sustainable gaming asset class that ranks among the highest growth opportunities in both domestic and international markets over the long term.
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