Lady Luck Games has detailed the “great mutual benefits” to be felt after signing a letter of intent to purchase the ReelNRG gaming studio.
Through the acquisition of the London-based group, which follows past acquisitive moves for Revolver Gaming and the Danish operations of Spigo, Lady Luck will add 46 titles to its network and secure “important” UK and Malta licences.
ReelNRG, which will continue to operate independently, is expected to bring synergies in the form of cross-selling, cost optimisation and the opportunity to share technology and licences in the future.
The transaction, the purchase price of which consists of 2.5 million newly issued shares at a price of SEK 3.3 each, is expected to close at the end of the month, pending the customary documentation process.
“Through the acquisition of ReelNRG, we secure important customer integrations and licences for the LL portfolio,” explained Mads Jørgensen, CEO of LL Lucky Games.
“As a merged company, we now operate over 100 games and will be able to derive great mutual benefits from both the commercial synergies via cross-selling, but also on the cost side.
“This is a big step for LL Lucky Games, which further consolidates our position as a truly independent gaming studio who focus on the regulated markets.
“To operate via own licences secures larger revenue shares and market reach. We look forward to welcoming Calvin and his team together with Klein Group and the other shareholders in ReelNRG.”
ReelNRG, which has undertaken 30 integrations alongside its igaming suite and aforementioned licences, owns a development studio in Hyderabad, India, and is praised as boasting “several reputable investors,” including Cherry, Yggdrasil and Coolbet and the ComeOn Group, since being established six years ago.
“To get LL Lucky Games as the new owner of ReelNRG marks an important new start for us,” stated Calvin Kent, CEO of ReelNRG.
“The additional support from LL Lucky Games will bring us back stronger than ever and enable an improved delivery of our entertainment packages to our clients and their customers.
“Our new server infrastructure has now been completed and optimised and is ready to scale. Our team and our shareholders are super motivated to continue running the business as part of LL Lucky Games.”