Nazara games subsidiary to acquire Ultimate Teen Patti IP from Games24x7

Gaming company Nazara Technologies will acquire intellectual property rights pertaining to Ultimate Teen Patti from Games24x7 for Rs 10 crore, the company said in a regulatory filing.

Launched in 2015, Ultimate Teen Patti (UTP) is a free casual card game for entertainment purposes only and does not offer any real money to the players.

"Next Wave Multimedia Private Limited, a subsidiary of the company, at their meeting held today i.e. on April 04, 2024, has approved the acquisition of all the Intellectual Property rights pertaining to the 'UTP - Ultimate Teen Patti' casual freemium card game software and associated trademarks," the filing said.

The acquisition will be done by by way of assignment from U Games Private Limited, the subsidiary of Play Games24x7 Private Limited for an aggregate consideration of Rs 10 crore inclusive of applicable taxes, the filing said.

Out of the total aggregate consideration of Rs 10 crore inclusive of applicable taxes, if any, as per the IP assignment agreement, Rs 9 crore has been paid.

"The balance Rs 1 crore is expected to be paid upon completion of certain identified activities for transfer of services and backend integrations related to the UTP IP Assets," the filing said.

The deal is expected to be closed within 90 days.

"The said acquisition of UTP IP Assets, Nextwave will expand its offerings in the casual freemium gaming space," the filing said.