The acquisition deal also came as a surprise to many as it is the first acquisition deal struck by the global gaming content supplier. Following the honoring of the deal NetEnt will now take charge of operations at Red Tiger.
While the company has already paid £197 million in cash it has to make an additional £23 million payment by 2022.
Commenting on the acquisition, NetEnt CEO Therese Hillman 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”
NetEnt CEO also noted that Red Tiger would also be assimilated in the company’s culture.
Red Tiger which started in 2014 is operational in three countries including Malta, the Isle of Man and Bulgaria with over 170 employees on its payroll.
“We are delighted to be part of NetEnt,” said red Tiger CEO Gavin Hamilton.
“At Red Tiger, we will 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,” he added.