Acquisitions & Mergers

For ₹174 crore, Saregama will purchase the bulk of Pocket Aces.

By Admin - 18 Jan 2024 01:22 PM

The digital entertainment company Pocket Aces Pictures Pvt Ltd has seen a majority acquisition by Saregama, a music label controlled by the RP-Sanjiv Goenka Group, according to a statement from the company. For ₹174 crore, Saregama will purchase 51.8% of the shares, with a clear path to purchase an additional 41% of the shares at pre-agreed multiples over the following 15 months. This is an all-cash transaction.

Saregama has revealed that it will pay ₹174 crore in cash to purchase a 51.8% share in Pocket Aces Pictures Private Ltd., a provider of digital entertainment.

The corporation stated that it would purchase an additional 41% of the company within the next 15 months at pre-arranged multiples.

The vice chairperson of Saregama, Avarna Jain, stated in a statement that this acquisition represents the meeting point of innovation and heritage. Although we have always been industry leaders in music and media, this collaboration with Pocket Aces will open up new revenue opportunities for us as we reach the growing youth digital audience.