Lady Luck Games completes acquisition of ReelNRG
Sweden-based LL Lucky Games has bought the London and India-based games studio for SEK8.25m.
Sweden.- LL Lucky Games, the parent company of Lady Luck Games, has completed its acquisition of London-based games studio ReelNRG for SEK8.25m (€783,181). Due diligence has been completed after LL Lucky Games announced last month that it had signed a letter of intent for a deal comprising 2.5 million newly issued shares, issued at SEK3.30 each.
ReelNRG, which currently has nine employees, including eight developers at its studio in Hyderabad, India, will continue to operate independently. The studio has its own technology and 46 games licensed in Britain, Gibraltar and Malta.
However, LL Lucky Games expects to benefit from synergies in cross-selling, cost optimisation and the future sharing of licences and technology.
LL Lucky Games chief executive Mads Jørgensen said: “This is a big step for Lucky Games where we consolidate our position as a truly independent gaming studio focused on the regulated markets. With another strategic acquisition, we are generating additional turnover through new revenue opportunities which will lead to the development of our profitability.
“The acquisition of ReelNRG secures key customer integrations and licenses and adds new casino games to our already strong product portfolio, along with our new development team in India. We are very excited and proud of the acquisition, and it is an honour to welcome them to Lucky Games.”
It’s the latest in a series of deals for Lady Luck’s parent company. In November, the Stockholm-based business signed a letter of intent to acquire the UK game studio Revolver Gaming with a mix of €750,000 in cash and around 4,200,000 newly issued shares with a stock price of SEK3.00.
Two months earlier, Lady Luck Games signed a letter of intent to buy gaming content provider Spigo ApS’s Danish-facing operations. Lady Luck plans to add two new operational partners, Carl Waahlin and John Penntoft.
