Nazara terminates Moonshine Tech acquisition after gaming ban

Nazara Technologies announced the termination of its share purchase agreement with I3 Interactive Inc. for the acquisition of 38,073 equity shares in Moonshine Technology Private Limited. This decision, disclosed on August 31, 2025, follows the enactment of the Promotion and Regulation of Online Gaming Act, 2025, which came into effect on August 22, 2025.

The new act prohibits online real money gaming, including poker, leading to a "material adverse effect" as defined in the agreement. Consequently, Nazara issued a notice of termination to I3 Interactive Inc. The acquisition involved approximately 0.96% of Moonshine Technology's equity share capital for an aggregate consideration of ~Rs. 15.90 crores.

The termination will be effective 30 days from the receipt of the notice by I3 Interactive Inc., unless the issue is remedied earlier. All rights and obligations under the agreement, except for those expressly provided, will cease thereafter.