Indian esports and gaming company NODWIN Gaming has announced the acquisition of digital esports media firm AFK Gaming.
After the acquisition, AFK Gaming will become a step-down subsidiary of NODWIN Gaming, enhancing the latter’s offerings for esports and gaming-related marketing activities.
According to a release, NODWIN Gaming entered into a share purchase agreement with AFK Gaming’s shareholders, acquiring a 92.30% stake in the media firm. This is valued at an aggregate consideration of Rs 7.58 crore (~£704,600).
Of the total consideration, Rs 4.59 crore (~£426,700) would be paid in cash, while Rs 2.99 crore would be received via a swap of NODWIN’s equity shares.
Prior to the acquisition, NODWIN already held a 7% stake in the AFK Gaming. As a part of this transaction, AFK Gaming’s founders will become shareholders of the company and be integrated into different verticals of NODWIN Gaming’s ecosystem.
Founded by Nishant Patel, Rakesh Ramchandran and Siddharth Nayyar, AFK Gaming is an Indian digital media firm specialising in B2B and esports coverage. In February 2024, the firm launched a digital marketing and PR vertical called Max Level.
NODWIN detailed that the acquisition intends to strengthen the company’s offerings to produce and distribute esports-related content and enhance its existing capabilities to provide PR services.
In a release, Nishant Patel, Rakesh Ramchandran and Siddharth Nayyar, Co-Founders of AFK Gaming, commented on the acquisition: “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!”
