Thursday, June 20, 2024

Nazara’s subsidiary acquires 73% stake in Pro Football Network for $1.8 mn

Listed gaming startup Nazara Technologies Ltd’s announced its subsidiary Sportskeeda has completed the acquisition of 73.27 per cent stake in Pro Football Network Inc.

Sportskeeda Inc, is a wholly owned subsidiary of Absolute Sports Private Limited, which is a material subsidiary of Nazara Technologies.

Sportskeeda Inc has acquired the 73.27  per cent stake in Pro Football Network Inc. by combination of both primary infusion in preferred stocks and secondary purchase of common stock from its existing stockholders at a cash consideration of $1,817,090.67.

“Sportskeeda Inc., wholly-owned Subsidiary of Absolute Sports Private Limited, material subsidiary of the Company, has completed the acquisition of 73.27% of the Capital Stocks of Pro Football Network Inc., by way of primary infusion in preferred stocks and secondary purchase of common stock from its existing stockholders and subsequent exchange of such common stock into preferred stock, at a consideration of USD 1,817,090.67 (One Million Eight Hundred Seventeen Thousand Ninety US Dollars and Sixty Seven Cents), paid in Cash to the Sellers.,” said Nazara Technologies in its regulatory filing.

With this acquisition, Sportskeeda now holds 73.27 per cent stake in Pro Football Network Inc. and accordingly, Pro Football Network Inc. has become the subsidiary of Sportskeeda Inc., and step down subsidiary of Absolute Sports Private Limited, the filing added.

On Tuesday, Nazara Technologies Ltd’s announced its subsidiary Nodwin International Pte. Ltd has signed signed definitive agreements for the acquisition of 51 per cent of the share capital of Branded Pte. Ltd for $1.3 million.

As a result of this acquisition, Nodwin International Pte. Ltd. will own IPs of Branded such as Gaming Matters, Sports Matters, Music Matters and others. Branded also owns and executes a few women centric IPs, such as It’s a Girl Thing and produces She Loves Tech in Singapore.

On Thursday,  the company’s scrip ended 0.018 per cent up at 548.50 on BSE.

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