Nazara Technologies on Wednesday announced that it would acquire 50 per cent stake in Spain-based Bluetile Games and BestPlay Systems for a consideration of $100.3 million (around ~918 crore). The acquisition will be done by Nazara’s UK-based subsidiary.
Nazara UK will initially acquire 50 per cent of the equity in Bluetile and Bestplay. Out of this, $59.7 million is payable at first close, while remaining $40.6 million within six months from first close, said the company.
The company further said that it ‘may’ acquire the remaining 50 per cent by 2028, at a valuation based on 6.6x trailing calendar year Ebitda (earnings before interest, taxes, depreciation, and amortisation). This will bring the total acquisition cost to $340 million. This will be the largest mergers and acquisitions (M&A) deal in the Indian gaming segment.
The transaction also includes performance-linked earn-outs with a most probable payout estimated at $98.2 million, contingent on achievement of agreed revenue and Ebitda targets for CY27-29 and payable annually from 2028 to 2030.
The upfront consideration is largely funded from Nazara’s cash on balance sheet. Future payments are expected to be partly funded from the acquired business’s own cash flows as well as additional equity/debt at an appropriate time. In addition, Nazara has an option to pay up to 25 per cent of consideration in Nazara equity, said the company.
While explaining the rationale of the acquisition, the company said that this acquisition strengthens Nazara’s platform strategy by combining scalable game development capability (Bluetile), a player engagement and distribution layer (Bestplay), and data-driven, AI-assisted live operations. Together, these create an integrated gaming platform operating across the full value chain — from content creation through user acquisition, engagement, and monetisation.
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 that the team has embedded AI at the core of its operations. “AI is 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.”
The company is led by founder Raymond Stauffer, an MIT alumnus and former Google executive, and a senior leadership team with experience across leading global gaming and technology companies, including Zynga, King, Voodoo, Moonactive and Meta.
Bluetile operates a diversified portfolio of globally popular casual, social mobile games, including titles such as Yatzy, Domino Legends, Mahjong Voyage and Spade Stars. The platform has achieved global scale with nearly 375 million downloads and 22 million monthly active users across 17 live games.
BestPlay, its in-house rewarded engagement platform, contributes an additional 2.2 million monthly active users and acts as a built-in player acquisition, retention and cross-promotion engine across its game portfolio.
For the 12 months ended December 2025 (CY25), Bluetile and BestPlay on a combined basis reported revenue of $153.6 million and Ebitda of $27.7 million.
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.”
Explaining the rationale on the payout of $98.2 million, the company said: “The earnout is paid only if agreed revenue and EBITDA targets for CY27-29 are met, with payments spread annually from 2028 to 2030. The call/put option for the remaining 50 per cent is similarly formula-driven at 6.6x trailing Ebitda. Both mechanisms ensure Nazara pays for performance delivered, not performance promised.”
With this acquisition, Nazara enters the casual gaming segment with scale. Casual games is one of the largest, most scalable global gaming segments — increasingly data-driven and AI-assisted. Bluetile provides a proven, profitable entry with 17 live titles, 375 million downloads, and a portfolio model that reduces single-title risk, said the company.
