Nazara Technologies rises as its arm to acquire Assets of DeltiasGaming.Com
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Nazara Technologies is currently trading at Rs. 903.90, up by 2.90 points or 0.32% from its previous closing of Rs. 901.00 on the BSE.
The scrip opened at Rs. 919.95 and has touched a high and low of Rs. 926.85 and Rs. 895.20 respectively. So far 6474 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 4 has touched a 52 week high of Rs. 1035.00 on 02-Aug-2024 and a 52 week low of Rs. 590.85 on 27-May-2024.
Last one week high and low of the scrip stood at Rs. 1035.00 and Rs. 895.20 respectively. The current market cap of the company is Rs. 6912.86 crore.
The promoters holding in the company stood at 10.05%, while Institutions and Non-Institutions held 22.81% and 67.13% respectively.
Absolute Sports, a Nazara Technologies subsidiary and the parent company of Sportskeeda.com, ProFootballNetwork.com and SoapCentral.com, has signed an asset purchase agreement, subject to closing conditions, to acquire all the assets of DeltiasGaming.com, a premier source of gaming and esports content in the US. The transaction is for an all-cash consideration of $900000 (Rs 7.5 crore) to be paid over one or more tranches and is expected to be closed in the next 45 days. Absolute Sports will use its cash reserves to fund the transaction.
With this acquisition, Absolute Sports, which already serves a large gaming audience with its flagship brand Sportskeeda.com, aims to deepen its presence in the gaming and esports media publishing sector in the US region. It intends to leverage Deltia's Gaming’s loyal user base of almost 1.5 million monthly readers and its long-standing brand equity, to establish the group as an authoritative voice in the gaming media space. The acquisition also provides the group access to a large audience on YouTube and popular gaming streaming network Twitch under the Deltia's Gaming brand.
Nazara Technologies is one of the leading mobile games company and it is engaged in acquisition of, value addition and distribution, of mobile games across emerging markets such as India, Middle East, Africa, South East Asia and Latin America.
