Stockholm-based gaming developer LL Lucky Games AB (Lady Luck Games) announced Friday the completion of the acquisition of ReelNRG, with the business having been taken over on that day, May 27.
The deal was first announced in April. The parties have agreed on a purchase price of SEK 8.25 million ($845K), which will consist of 2.5 million shares in an issue at share price of 3.30 SEK ($0.34).
ReelNRG will continue to operate independently. However, LL Lucky Games AB sees synergies in the form of cross-selling, cost optimization and the possibility of sharing technology and licenses in the future.
Commenting on the acquisition, Mads V. Jørgensen, CEO of LL Lucky Games, 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”, he concluded.
ReelNRG is a London-based game studio group and currently employs nine people including eight developers based in India, where the brand has its own development studio. Among its co-owners are investors with knowledge in the sector, such as the Klein Group (Cherry, Yggdrasil, Coolbet and the ComeOn group). It built its own technology and established strong distribution in the UK and other regulated markets under UKGC, MGA and Gibraltar licenses. Currently, ReelNRG’s portfolio consists of 46 games and over 30 integrations.