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Stockholm-listed casino games developer NetEnt has agreed the first acquisition in its history, with a deal to take control of slot specialist Red Tiger Gaming worth up to £220m (€245.3m).
According to NetEnt’s official announcement, this all-cash deal will see an initial consideration of £197m and an additional profit of up to £23 million payable in 2022 if certain conditions are met.
“I am very pleased to welcome Red Tiger into the NetEnt Group. The acquisition combines two of the leading and most innovative companies in the online gaming industry. We look forward to working with Red Tiger’s fantastic team to enhance our combined global reach and to offer further value to operators and players. The transaction will provide significant revenue synergies across our markets worldwide,” said NetEnt chief executive Tehrese Hillman.
This is an exciting new stage of the Red Tiger story and we are delighted to become part of the NetEnt Group. Accessing NetEnt’s unparalleled distribution network and geographic footprint will unlock new opportunities for Red Tiger and will further accelerate our growth. At Red Tiger, we’ll remain focused as always on driving further innovation and we are looking forward to working with NetEnt on how to leverage our combined capabilities to create new products that wow our customers, ” added Gavin Hamilton, the CEO of Red Tiger Gaming.
Founded in 2014 by the team behind Cayetano Gaming, Red Tiger has quickly established itself as a leading supplier in the industry, with its Daily Jackpots feature, in particular proving a huge hit with players. The company has approximately 170 employees, with operations in Malta, the Isle of Man and Bulgaria.
Based in Stockholm, Sweden, NetEnt has over 1000 employees working to ensure that players can enjoy the best games possible at a wide choice of casino sites. NetEnt has been supplying and developing high-end casino games to a worldwide market for 20 years. Games are powered by their own cutting edge platform and systems, with over 200 games launched so far and many more to come.
