Details of the Deal
According to a press release, NODWIN Gaming entered into a share purchase agreement with AFK Gaming, acquiring a 92.3% stake in the company. This was valued at about $888,833. A sizable amount would be paid in cash, totaling about $533,555 USD. The remaining would be received via a swap for NODWIN’s equity shares.
Before this acquisition, NODWIN already had a 7% stake in AFK Gaming.
Now, AFK Gaming’s founders will become shareholders of the company and be involved in other areas of NODWIN.
More About AFK Gaming and NODWIN
AFK Gaming is a digital media firm based in India that specializes in B2B and esports. It was founded by Nishant Patel, Rakesh Ramachandran, and Siddharth Nayyar.
The firm launched Max LEvel in February, which was a digital market and PR vertical.
As the years have gone by, NODWIN has acquired numerous companies in the esports space, including Ninja Global, Freaks 4U Gaming, Publishme, Trinity Gaming, and more.
It also extended a partnership with The Game Awards.
NODWIN Speaks Out
In the same press release, NODWIN stated that the acquisition would assist in the company’s offerings to produce and distribute more esports content.
Nishant Patel, Rakesh Ramachandran, and Siddharth Nayyar also spoke about the acquisition, saying:
“Joining the NODWIN group feels like a homecoming for us.”
“When esports was barely a coined term, Akshat and us agreed to work to grow the market rather than compete in an industry that had yet to prove itself. This led to a long and trust-imbued relationship where Akshat watched over us as a friend, investor, mentor and board member. Now that the industry has matured a bit, our existing synergies with NODWIN allow us to hit the ground running and we’re confident in our ability to unlock the next level of growth for the group!”
