Gaming and technology firm Nazara Technologies on Wednesday said it will acquire a 50% controlling stake in Spain-based gaming studio Bluetile Games and its in-house engagement platform BestPlay Systems for $100.3 million (about Rs 918 crore), marking its largest acquisition deal to date.The transaction will be carried out through the Mumbai-based company’s wholly owned subsidiary, Nazara Technologies UK, according to a stock exchange filing on Wednesday.As part of the agreement, Nazara has the option to acquire the remaining 50% stake by 2028, while Bluetile and BestPlay have the right to exit at the same time. The valuation for this stake will be linked to the company’s earnings, at 6.6 times its trailing earnings before interest, taxes, depreciation and amortisation (Ebitda).If fully exercised, the total deal size could rise to about $314 million, founder and CEO Nitish Mittersain told ET.The transaction also includes performance-linked earnouts of up to $98.2 million, contingent on achieving revenue and profitability targets between 2027 and 2029. A part of these payouts may be settled in equity.“Many of our past acquisitions have been on the game studio side. We are now doubling down on the core gaming strategy. Earlier, we had diversified into esports and other things. But we are now re-focusing on core gaming. So, we are just executing what we have said,” said Mittersain.He added that the initial payout of $100.3 million will be funded internally, while the company may explore external fundraising for the remaining portion.Bluetile operates a portfolio of casual and social mobile games such as Yatzy, Domino Legends and Mahjong Voyage, with about 375 million downloads and 22 million monthly active users across 17 live titles. BestPlay adds another 2.2 million monthly users and supports player acquisition and retention.Nazara, which has undertaken a series of global acquisitions in recent years, said the move aligns with its strategy to build an AI-enabled gaming platform, leveraging Bluetile’s AI-driven development and live operations capabilities along with BestPlay’s engagement and distribution stack.For calendar year 2025, Bluetile and BestPlay reported combined revenue of $153.6 million (Rs 1,405 crore) and Ebitda of $27.7 million (Rs 254 crore).Bluetile is led by founder Raymond Stauffer, a former Google executive, along with a senior leadership team with experience across companies such as Zynga, King, Voodoo, Moonactive and Meta.For the third quarter of the current fiscal, Nazara reported a 24% year-on-year decline in operating revenue to Rs 405.9 crore, while net profit fell 35% to Rs 8.8 crore. The company attributed this primarily to the deconsolidation of its esports and events arm Nodwin Gaming , which was de-subsidiarised last year. In the corresponding quarter of the previous fiscal, Nodwin had contributed Rs 165.1 crore to consolidated revenue.Other prominent acquisitions of Nazara in the past include UK-based game publisher Curve Games , gaming studio Fusebox Games , and Paper Boat Apps, the developer of the gamified learning app Kiddopia Shares of Nazara ended at Rs 255.1 on the BSE on Wednesday. The exchange filing was made after market hours.