Lady Luck Games to acquire Revolver Gaming
The Swedish slots developer Lady Luck Games has signed a letter of intent to acquire the London-based studio.
Sweden. Stockholm-based Lady Luck Games has signed a letter of intent to acquire the UK game studio Revolver Gaming. It will pay a mix of €750,000 in cash and around 4,200,000 newly issued shares with a stock price of SEK3.00. The new issuance will total about 8.5 per cent of its outstanding shares.
Revolver Gaming develops HTML5 games and distributes its content through its own RGS platform. It has 15 games and almost 30 integrations in Europe, South America and Asia.
It is Lady Luck’s second planned acquisition in two months. In September, 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.
Chief executive Mads Jørgensen said: “This is our second acquisition in the last three months, and I am pleased to be able to show our shareholders and the market that we are delivering on our set acquisition strategy.
“The fact that Lucky Games can acquire a company of this calibre is a clear signal of strength. We have identified a number of clear synergies and I am extremely happy to have the privilege of working with the ambitious team at Revolver Gaming in the future.
Revolver Gaming founder Daniel Lazarus said: “The opportunity for a merger between Lady Luck Games and Revolver Gaming is fantastic for both parties. Ever since we started our first discussions, we have been impressed by their passion for our business and their willingness to support our ambitious plans for the future.
“The potential synergies, the expanded market reach that the deal brings and the amazing team has convinced us that Revolver, with support from Lady Luck, will continue to develop in the best possible way and further strengthen our commercial presence and customer offering.”
