NetEnt has reached an agreement to acquire online slot supplier Red Tiger Gaming in an all-cash deal worth up to £223m (€248m).
The transaction, to be completed imminently, comprises an initial £200m followed by a possible additional amount up to a maximum of £23m in 2022 on an earn-out basis, subject to Red Tiger’s financial performance over the coming two years.
Red Tiger is a leading online supplier of casino games and software renowned for its daily jackpot games. The company has approximately 170 employees with operations in Malta, Isle of Man and Bulgaria.
The acquisition of Red Tiger is intended to provide NetEnt with the opportunity to capitalize on its scalable technology to support future growth.
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.”