Nazara Tech today morning announced that it has acquired a 100% stake in a US-based children's interactive entertainment company, WildWorks. The cost of acquisition is $10.4 million in an all-cash transaction. Stockholders of WildWorks will not receive any consideration for the acquisition.
For Nazara, which is a gaming and sports media platform, this is a good addition to the portfolio as WildWorks is a game development studio focused on gamified early learning for 8-12-year-olds, claiming to have over 15 crore players on its mobile app in the last ten years.
The stock price has reacted positively to this news; opening over 1% higher at Rs.637.50 and rising to an intraday high at Rs.647.35, up more than 2.5%.