Nazara Technologies has announced that it has obtained board approval to acquire Curve Digital Entertainment Ltd (Curve Games), based in London, for INR 248 Cr in an all-cash transaction.

In an exchange filing, Nazara stated, “The board granted in-principle approval to Nazara Technologies UK Ltd, a wholly-owned subsidiary, for the proposed acquisition of 100% of Curve Digital Entertainment Ltd’s issued share capital from Catalis Limited for a total consideration not exceeding £21.7 million (approximately INR 248 crore).”

Nitish Mittersain, the chief executive and joint managing director of Nazara, informed media, “The agreement is signed, the board has approved it, and the deal will finalize in 10 working days from now.”

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Nazara intends to bolster its foothold in gaming through this acquisition, gaining access to platforms, genres, and regions within the worldwide PC and console gaming market.

The filing added that after the buyout, Curve’s publishing capabilities in the PC and console space and its diverse portfolio are expected to boost Nazara’s global ambitions and facilitate cross-platform IP development with long-term value creation.

During the intraday trading session on the BSE today, shares of the Mumbai-based gaming major surged over 3%, reaching their 52-week high of INR 1,307.55 apiece.

On Monday, the stock’s previous closing price was INR 1,265.90 per share, and it ended the day at 1295.10 per share, marking a 2.3% increase.

The development occurs as the company seeks to intensify its acquisitions in the gaming and media sectors.

This month at the beginning, it was given the go-ahead by the National Company Law Tribunal (NCLT) for its plan to acquire Smaaash Entertainment, a sports entertainment startup in financial distress.  It further announced that its subsidiary Absolute Sports was poised to purchase two of Titan Insider Digital’s IPs—TJRWrestling.net and ITRWrestling.com—in a cash-only transaction.

Since the beginning of this year, the company has purchased an extra 8.97% stake in Absolute Sports Private Limited, thereby making the parent company of Sportskeeda its wholly-owned subsidiary. Additionally, it acquired a majority stake in Mumbai-based Funky Monkeys Play Centers Private Limited for INR 43.7 Cr (approximately $5.01 Mn).

In March, however, the company sold its complete 71.54% interest in Sports Unity, the developer of the multi-player quiz game ‘Qunami’, for INR 7.15 Lakh and obtained board approval to sell a 94.85% stake in its subsidiary OpenPlay Technologies to Moonshine Technology, the parent company of online poker platform PokerBaazi, for INR 104.33 Cr.