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Rakesh Jhunjhunwala Portfolio Stock Jumps Past 5% On Acquisition Worth $10.4 Mill

Stock Markets Aug 30, 2022 05:22
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By Malvika Gurung

Investing.com -- The mobile gaming company Nazara Technologies (NS:NAZA) has announced acquiring the leading US-based children’s interactive entertainment company WildWorks Holdco, incorporating it as a wholly-owned subsidiary on Aug 29, as per its stock exchange filing.

The Indian gaming and sports media company said in the release that it would acquire a whole 100% stake in the Utah-based WildWorks and its IP in an all-cash deal from its existing shareholders.

The aggregate cost of the proposed acquisition is $10.4 million, while the current stockholders of WildWorks shall not receive any consideration for the proposed acquisition. 

“The acquisition is funded out of internal accruals, advanced as loan by Nazara Dubai and Nazara Technologies, Mauritius to the WildWorks Holdco,” stated the exchange filing.

The revenue of WildWorks stood at $13.8 million and EBITDA at $3.1 million in the calendar year 2021 and at $5.8 million and $1.6 million, respectively in H1CY22.

Shares of Nazara Technologies were trading 5.33% higher at Rs 664.4 apiece at the time of writing.

Late ace investor Rakesh Jhunjhunwala held 65,88,620 equity shares of Nazara Technologies, translating to a 10% stake, as of June 30, 2022.

Rakesh Jhunjhunwala Portfolio Stock Jumps Past 5% On Acquisition Worth $10.4 Mill
 

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