Nazara subsidiary to fully acquire Freaks 4U Gaming in deal worth Rs 271 cr
Akshat Rathee, co-founder of Nodwin Gaming (left) and Michael Haenisch, chief executive officer, Freaks 4U Gaming. (File Photo)
E-sports and gaming company NODWIN will enhance its stake to 100 per cent in its European peer Freaks 4U in a share swap deal valued at around Rs 271 crore, the company said on Friday.
Singapore-based NODWIN is a material subsidiary of Nazara Technologies, a company headquartered in Mumbai.
“NODWIN Gaming International Pte has signed definitive agreements to increase its existing 13.51 per cent stake in Freaks 4U Gaming GmbH to 100 per cent in tranches through a share swap valued at up to Rs 271 crore (Euro 30.3 million),” the company said in a statement.
NODWIN will initially increase its existing stake in Freaks 4U to 57 per cent.
“The remaining 43 per cent held by the founders Michael Haenisch, Matthias Remmert and Jens Enders will be swapped at a later time at its option. Existing investors of Freaks 4U Gaming will become shareholders of NODWIN Pte,” the statement said.
Freaks 4U generated Rs 223 crore (Euro 26.9 million) revenue in 2023.
NODWIN acquired a minority stake in Freaks 4U in January 2024.
The two teams have already worked on jointly delivering high-profile projects such as the PUBG Mobile Global Open and Esports World Cup (EWC) and have explored new business vertical opportunities, the statement said.
NODWIN Gaming Co-Founder, Akshat Rathee said the acquisition is a pivotal step in the company’s global growth strategy.
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First Published: Jun 28 2024 | 7:33 PM IST