Nazara Technologies's subsidiary buys Comic Con India for Rs. 55cr
What's the story
NODWIN Gaming, an esports subsidiary of Nazara Technologies, is set to fully acquire Comic Con India Pvt. Ltd. for Rs. 55 crore.
The deal will be completed through a mix of cash and share swap with Comic Con India founders Jatin Varma and Karan Kalra.
Varma and Kalra will continue running the business under NODWIN Gaming.
The acquisition aims to expand and diversify NODWIN's offerings for young audiences in India.
Information
What is Comic Con?
A comic con, short for "comic book convention," is a multi-day event celebrating comic books, graphic novels, pop culture, and related media. It is a gathering place for fans to meet creators, artists, writers, and fellow enthusiasts.
Details
NODWIN's acquisition details, post-acquisition structure
The deal includes Rs. 27.44 crore in cash and Rs. 27.55 crore through a share swap, with 172 NODWIN equity shares issued for Comic Con equity shares.
The acquisition is expected to be finalized within 90 days, as per a regulatory filing by Nazara Technologies.
Once completed, Comic Con India will become a wholly-owned subsidiary of NODWIN and a step-down subsidiary of Nazara Technologies.
What Next?
NODWIN is amplifying its offerings in India
"Integration of Comic Con India will amplify and diversify the offering of NODWIN to all opportunities that target the youth in India," said the company in a statement.
"With the continued intersection of Gaming, Pop Culture, esports into one interactive entertainment sector, NODWIN will add a strong and robust IP that is scalable both in India and internationally."
As of March 31, 2023, Comic Con India reported a turnover of Rs. 16.26 crore.