Lady Luck Games Sets Sights on Revolver Gaming
Lady Luck Games, the Swedish slots developer, has signed a letter of intent to acquire Revolver Gaming, a London-based development studio.
The purchase price is a combination of cash and newly issued shares. The cash portion of the agreement comes to €750,000, while the share portion will be covered through the issuance of roughly 4,200,000 new Lady Luck shares at a stock price of SEK3.00. At present, Lady Luck has 44,905,472 shares and the issue outlined in the deal amounts to roughly 8.5% of its total outstanding shares after they are issued.
Revolver Gaming, who recently entered a deal with SoftGamings, has developed 15 titles and has close to 30 integrations across Europe, South America, and Asia. The games are distributed through its own RGS platform.
If the acquisition proceeds, then Lady Luck will be adding two new operational partners to its growing list of partnerships, Carl Waahlin and John Penntoft. Waahlin has more than two decades of experience bringing iGaming products to Asia, while Penntoft is an early phase investor in iGaming and tech.
This is our second acquisition in the last three months, and I am pleased to be able to show our shareholders and the market that we are delivering on our set acquisition strategy. The fact that Lucky Games can acquire a company of this caliber is a clear signal of strength. We have identified a number of clear synergies, and I am extremely happy to have the privilege of working with the ambitious team at Revolver Gaming in the future.
The founder of Revolver Gaming, Daniel Lazarus, said that the acquisition represents a fantastic opportunity. He said that they had been impressed by Lady Luck’s passion for Revolver Gaming and its willingness to support their ambitious plans.
Lazarus added, “The potential synergies, the expanded market reach that the deal brings, and the amazing team at has convinced us that Revolver, with support from Lady Luck, will continue to develop in the best possible way and further strengthen our commercial presence and customer offering.”