The Swedish online gambling group, Net Ent, has confirmed its acquisition of Red Tiger Gaming in a deal worth GBP 220 million. The all-cash deal will see NetEnt pay an initial price of GBP 197 million, with the potential to pay up to another GBP 23 million by 2022, depending on Red Tiger Gaming’s performance.
The chief executive officer of NetEnt, Tehrese Hillman said that she was very pleased to welcome Red Tiger into the NetEnt Group. She said that the new acquisition deal 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,” she said. “The transaction will provide significant revenue synergies across our markets worldwide.”
Also commenting was the chief executive of Red Tiger Gaming, Gavin Hamilton who said that this was an exciting new stage for the company as it planned to become part of the NetEnt group. He said that accessing NetEnt’s “unparalleled distribution network and geographic footprint” would unlock many new opportunities for the group and would further accelerate 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,” said Hamilton.