The deal, finalised following due diligence in line with the initial announcement last month, consisted of 2.5 million newly issued shares, issued at a price of SEK3.30 apiece.
ReelNRG will continue to operate independently, with LL Lucky Games having noted a series of synergies in the form of cross-selling, cost optimisation and the possibility of sharing technology and licences in the future.
Based in London, ReelNRG currently employs nine people, including eight developers at its development studio in Hyderabad, India.
The studio has developed and built its own technology, offering 46 games through licences issued by regulators in Great Britain, Malta and Gibraltar.
“This is a big step for Lucky Games where we consolidate our position as a truly independent gaming studio focused on the regulated markets,” LL Lucky Games chief executive Mads Jørgensen said.
“With another strategic acquisition, we are generating additional turnover through new revenue opportunities which will lead to the development of our profitability.
“The acquisition of ReelNRG secures key customer integrations and licenses and adds new casino games to our already strong product portfolio, along with our new development team in India. We are very excited and proud of the acquisition, and it is an honour to welcome them to Lucky Games.”
Original article: https://igamingbusiness.com/lady-luck-finalises-acquisition-of-reelnrg/
