Saturday, October 1, 2022

Lady Luck Games to acquire ReelNRG for SEK 8 25m

Swedish slots developer LL Lucky Games, otherwise known as Lady Luck Games, has hailed its “position as a truly independent gaming studio” with the acquisition of ReelNRG for SEK 8.25m ($871,872).

The Stockholm-based company has formally declared its designs on ReelNRG, a games studio headquartered in London, by signing a letter of intent.

Both parties have agreed on the purchase price, which will consist of 2.5 million newly issued shares in a set-off issue carried out at a share price of SEK 3.3. They intend to conduct this transaction in April following the usual due diligence procedures.

“Getting LL Lucky Games as the new owner of ReelNRG marks an important new start for us,” said 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.”

Through this acquisition, LL Lucky Games will add 46 new titles to its portfolio, and secure key licences in both Malta and the UK.

ReelNRG currently has nine employees, eight of which are developers located in India. Following its acquisition by LL Lucky Games, it will continue to operate independently.

Mads V. Jørgensen, CEO of LL Lucky Games, commented: “Through the acquisition of ReelNRG, we secure important customer integrations and licences for the LL portfolio.

“As a merged company, we run over 100 games and will be able to benefit greatly from both the commercial synergies via cross-selling and 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 with a focus on the regulated markets.”

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