Listed gaming startup Nazara Technologies Ltd’s on Tuesday announced its subsidiary Nodwin International Pte. Ltd has signed definitive agreements for the acquisition of 51 per cent of the share capital of Branded Pte. Ltd.
Nodwin International Pte. Ltd, is a wholly owned subsidiary of Nodwin Gaming Private Ltd, which is a material subsidiary of Nazara Technologies.
Nodwin International Pte. Ltd has acquired the 51 per cent stake in Branded Pte. Ltd for a cash consideration of $1.3 million. The acquisition will be completed in 90 days.
Branded Pte Ltd., incorporated in Singapore is engaged in gaming and sports entertainment IP business.
“Nodwin International Pte. Ltd., wholly owned subsidiary of Nodwin Gaming Private Limited (“Nodwin”), material subsidiary of the Company, has today signed definitive agreements for the acquisition of 51% of the share capital of Branded Pte. Ltd., at a consideration of upto USD 1.3 million, to be paid in cash,” said Nazara Technologies in its regulatory filing.
The acquisition is proposed by way combination of both primary infusion in shares and secondary purchase of shares from the existing shareholder of Branded Pte. Ltd., which in aggregate would represent up to 51% of the share capital of Branded Pte Ltd.
“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 Pte. Ltd and the cash reserves created by way of equity infusion which is proposed to be advanced by Nodwin to Nodwin International Pte Ltd,” the filing added.
As a result of this acquisition, Nodwin International Pte. Ltd. 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.
“These IPs will help broaden the base for Nodwin across gender and geographies to make Gaming and esports more inclusive,” the filing added.