NODWIN Gaming, a subsidiary of Nazara Technologies, has announced that it will pay Rs 7.6 crore in cash and equity swaps to acquire a 93% stake in AFK Gaming, a gaming and esports media company.
After previously owning a 7% stake in AFK Gaming, NODWIN Gaming has now fully acquired the company, establishing it as a wholly-owned subsidiary.
As a result of this deal, the founders of AFK Gaming will acquire stock in NODWIN Gaming and be incorporated into various NODWIN Gaming verticals.
Established in 2012 by Nishant Patel, Rakesh Ramchandran, and Siddharth Nayyar, AFK Gaming runs the Max Level agency vertical, which offers customized marketing services to brands, game publishers, and tournament organizers.
Brands like ASUS ROG, CyberPowerPC India, KRAFTON, Saudi Esports Federation, and ESL Faceit Group are among AFK Gaming’s customers.
Nazara Technologies Limited, Nodwin’s parent company, recently bought 1,000 equity shares of Next Wave Multimedia, increasing its ownership stake in the latter from 71.88% to 74.88%. Additionally, its parent company Nazara Technologies has approved Rs 64 crore in funding for Nodwin Gaming.
