Acquisition · Consumer Internet & Media

Nazara acquires controlling stakes in two Spanish gaming firms

By Startup Enthusiast · 18 March 2026

What they do

Nazara signed deals to acquire controlling stakes in Bluetile Games and BestPlay Systems for $100.3 million

Bluetile Games has 375 million lifetime downloads and 22 million monthly active users

The acquisition adds casual games and a rewards platform, boosting Nazara's global footprint

Nazara Technologies, through its UK entity, signed definitive agreements to acquire controlling stakes in Spanish startups Bluetile Games and BestPlay Systems.
The total deal value is $100.3 million (approximately ₹918 crore).
The deal includes $88.4 million for a 50% stake in Bluetile Games and $11.9 million for a controlling stake in BestPlay Systems.
Payment structure: $59.7 million upfront and $40.6 million within six months of closing.
Nazara has a call option to buy the remaining stake in Bluetile by 2028 at a valuation of 6.6x trailing EBITDA.
Performance-linked earnouts up to $98.2 million are payable between 2028 and 2030.
Bluetile Games operates a portfolio of casual and social mobile games including Yatzy, Domino Legends, and Mahjong Voyage.
BestPlay Systems runs a rewards-based engagement platform for user acquisition, retention, and cross-promotion.

The acquisition aligns with Nazara's strategy to expand its global gaming portfolio.
Bluetile Games has a strong user base with 375 million lifetime downloads and 22 million monthly active users.
The combined revenue of the two companies for 2025 was $153.6 million, with EBITDA of $27.7 million.
Nazara's Q3 FY26 net profit fell 36% year-on-year to ₹8.8 crore, and revenue fell 24% to ₹406 crore, making this acquisition a growth move.
Nazara shares rose 6.76% to ₹255.15 on BSE following the announcement.

Nazara Technologies is a gaming and sports media company based in India.
It operates in the gaming, esports, and sports media sectors.
The company generates revenue through gaming operations, advertising, and subscriptions.
Bluetile Games develops and publishes casual and social mobile games.
BestPlay Systems provides a rewards-based engagement platform for user acquisition and retention.
The combined entity has a significant presence in the casual gaming market.

The call option to buy the remaining stake in Bluetile Games is exercisable by 2028.
Earnouts are tied to performance and payable between 2028 and 2030.