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Swedish Slots Developer Has Designs on UK Competitor
By Shane Addinall Apr 14, 2022 IndustryLady Luck Games presented their latest letter of intent to the London-based igaming developer, ReelNRG. Both companies look forward to a mutually beneficial relationship.Stockholm-founded software provider Lady Luck Games issued a letter of intent for an M&A offer on the British gaming company, ReelNRG. A press release from ReelNRG confirms the purchase price of SEK8.3m (approximately €804,000) comprises 2.5 million newly issued shares. LL Lucky Games, known as Lady Luck Games, present the shares at an issue price of SEK3.30 each.
The Swedish slot content provider asserts its independent business model through the merger. LL Lucky Games highlights the mutual benefits of the deal and, following its conclusion, the company will have 51,366,506 issued shares. The merger pushes Lady Luck Games’ content library across the 100 mark.
Following the conclusion of all customary document processes, the deal should wrap up by the end of April.
A Win for All
London-based Lady Luck Games secures important licences through the agreement with ReelNRG’s existing UK and Malta licences. By accepting the offer from Lady Luck Games, ReelNRG opens its content library to the provider, adding 46 igaming titles to their existing popular offering.
LL Lucky Games Chief Executive Mads V. Jørgensen detailed the advantages of the merger, which allows ReelNRG to continue with independent operations. According to Jørgensen, benefits such as cost-cutting and cross-selling make this a win for both parties. He continued:
“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.”
Klein Group - the parent company of Cherry AB, Yggdrasil, and ComeOn - is one of the co-owners of ReelNRG.
Stronger Than Ever
Established in 2016 by founders Calvin Kent and Harsharan Gill, ReelNRG holds licences with top regulatory bodies such as the UKGC, MGA, and Gibraltar. The team of nine staff members includes eight talented developers based in India, where the company has a studio in Hyderabad.
The game developer adds its titles to the shared portfolio with Lady Luck Games to establish an offering of 100 igaming titles. Calvin Kent’s thoughts on the merger align with Jørgensen’s enthusiasm. Kent said:
“To get LL Lucky Games as the new owner of ReelNRG marks an important new start for us. 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.”
With the completion of their new server infrastructure, which is ‘optimised and ready to scale’ according to Kent, ReelNRG has tremendous momentum.
Along with the industry reputation of acquiring reputable investors, ReelNRG develops high-quality online slot games. Their team takes pride in delivering engaging games with stunning detail to provide unsurpassed audio and visual thrills. Upon conclusion of the purchase, both Lady Luck Games and ReelNRG will benefit from their improved portfolios.
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