LL Lucky Games to acquire ReelNRG
Supplier to bolster content and licence powers by purchasing London-based games studio
LL Lucky Games has signed a letter of intent to acquire games studio ReelNRG in a SEK8.25m (£668,542) deal.
The acquisitions means LL Lucky Games will increase its portfolio with ReelNRG’s 46 games and add UK and Malta licences to its arsenal.
ReelNRG will continue to operate independently following the conclusion of the deal, with LL Lucky Games noting the “synergies in the form of cross-selling, cost optimisation and the opportunity to share technology and licences in the future”.
The purchase price of SEK8.25m is broken down by 2.5 million newly issued shares carried out at a share price of SEK3.30.
ReelNRG was founded in 2016 by Calvin Kent and Harsharan Gill and currently has its own development studio based in Hyderabad, India. The transaction is expected to complete in April following customary legal processes.
Mads V. Jørgensen, LL Lucky Games CEO, said: “Through the acquisition of ReelNRG, we secure important customer integrations and licences for the LL portfolio.
“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,” he added.
Calvin Kent, ReelNRG CEO, said: “To get LL Lucky Games as the new owner of ReelNRG marks an important new start for us. Our team and our shareholders are super motivated to continue running the business as part of LL Lucky Games.”