Nazara Technologies acquires majority stake in Datawrkz for Rs 124 cr
Gaming and sports media company Nazara Technologies on Tuesday said it will acquire a 55 per cent stake in programmatic advertising and monetisation company Datawrkz for about Rs 124 crore.
The transaction values the Bengaluru-based company at Rs 225 crore (approximately USD 30 million), linked to CY 22 EBITDA performance, a filing said.
The Board has approved the strategic investment by the acquisition of 37,498 equity shares - representing 55 per cent of the equity share capital, on a fully diluted basis -- of Datawrkz Business Solutions Private Limited along with its wholly-owned subsidiaries at a total consideration not exceeding Rs 124 crores in two tranches, it added.
The shares will be bought from existing shareholders Senthil Govindan, Karthigha Dhanabalan, K Arunprabu, Mayank Khirwadkar and Vishal Tukaranm Garale, it said.
In the first tranche, Nazara will acquire a 33 per cent share for Rs 60 crore during the first quarter of FY2022-23 and it reserves an option to acquire