Nazara Technologies rose 1.35% to Rs 2,104.05 after its independent subsidiary, Nodwin Gaming acquired the Gaming and adjacent IP business of OML Entertainment for Rs 73 crore as per an agreement concluded between Nodwin Gaming and OML Entertainment.
The transaction will provide partial liquidity to OML Entertainment shareholders, including CA Media. This acquisition will tap into a growing synergy between the two companies. While Nodwin Gaming is known for its esports and gaming expertise. OML Entertainment is known for managing gaming & entertainment creators such as Tanmay Bhat, Samay Raina, Suhani Shah, etc. and for owning and executing storied IPs such as the BACARDNH7 Weekender, comedy touring properties such as LOLstars and Headliners and a hip-hop league - Breezer Vivid Shuffle.
The total revenue of the acquired business of OML Entertainment during FY20 (pre-COVID) was Rs 91 crore with EBITDA of 10%. OML Entertainment continues to consolidate its non-gaming creator-driven content and talent management businesses as it scales its OTT offerings and branded content marketing suite of services that currently works with over 700 creators across the world. This business had clocked revenues of Rs 170 crore in FY 2020.
The consideration for acquisition of Gaming and Live IPs of OML would be paid in cash. The transaction is expected to be completed by 30 September 2021.
The company's consolidated net profit stood at Rs 13.50 crore in Q1 June 2021 as compared to a net loss of Rs 21.70 crore in Q1 June 2020. Consolidated net sales soared 45% to Rs 131.20 crore in Q1 FY22 from Rs 90.50 crore in Q1 FY21.
Nazara Technologies is one of the leading mobile games companies. It is India's leading diversified gaming and sports media platform with a presence across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports, and gamified early learning ecosystems.
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