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The online gambling industry experienced considerable growth during 2020, with some key players reporting record revenue and profit. Among the established ...
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NetEnt has wowed the iGaming world after acquiring game provider Red Tiger Gaming for a whopping £2oom plus.
News broke today that NetEnt had entered into an agreement to acquire the fast-growing slot supplier, with the transaction to be completed imminently.
Red Tiger, established in 2014, has become popular with players for its slot and jackpot games. The company has approximately 170 employees based in Malta, Isle of Man and Bulgaria.
The deal will see NetEnt pay an initial £197m for 100% of the shares in Red Tiger.
In addition to this, a remaining amount of £23 million may become payable in 2022 on an earn-out basis, subject to Red Tiger’s financial performance over the next two years.
Therese Hillman, Group CEO of NetEnt, said: “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.”
Gavin Hamilton, CEO of Red Tiger, added: “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.”