Lady Luck to acquire ReelNRG for SEK8.3m
Lady Luck parent business LL Lucky Games has signed a letter of intent to acquire game studio ReelNRG for SEK8.3m (£668,000/€800,000,$872,000).
LL Lucky Games will pay a purchase price of 2.5 million newly issued shares, issued at a price of SEK3.30 apiece. After the deal closes, LL Lucky Games will have 51,366,506 issued shares.
ReelNRG, which holds licences in Great Britain, Gibraltar and Malta, was founded in 2016 by Calvin Kent and Harsharan Gill. It has nine staff members, including eight developers based in its Hyderabad studio in India. The supplier has a portfolio of 46 games.
“To get LL Lucky Games as the new owner of ReelNRG marks an important new start for us,” Kent said. “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.”
Among ReelNRG’s co-owners are the Klein Group, which is the parent company of Cherry AB, Yggdrasil and ComeOn.
Following the acquisition, ReelNRG will continue to operate independently, but LL Lucky Games said it “sees great synergies in the form of cross-selling, cost optimisation and the opportunity to share technology and licences in the future”.
“Through the acquisition of ReelNRG, we secure important customer integrations and licences for the LL portfolio,” Mads V Jørgensen, chief executive of LL Lucky Games, said. “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 our 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.”
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