Adventure Box, the developer of KoGaMa’s online game platform KoGaMa, has announced that it will be entering the market for online gaming through its proposed acquisition by Lion Gaming Group.
Adventure Box has entered into a letter of intent that would see it acquire 100% of Lion Gaming for around SEK475m ($44.9m/EUR41.7m/PS35.3m). The acquisition is expected to be finalised in 2024, after negotiations on the details are completed.
Stockholm-headquartered Adventure Box is the company behind social gaming platform KoGaMa (pictured), used by around 30 million people worldwide.
Lion Gaming has offices across North America, Europe and Asia. They offer turnkey and white-label casino and sportsbook services. The company is expected to have a turnover of SEK350m by 2024 and EBITDA around SEK180m.
Adventure Box stated that the deal marks its entry into the igaming industry.
In a press release, it said that “in Sweden a new gaming giant is forming and will soon be ready to compete on the international igaming markets.”
Synergies among platforms
Mads Jorgensen is the chairman of Adventure Box. He added, “We are looking for opportunities to create synergies with Lion’s platform.” The acquisition creates a platform for global players.
Adventure Box stated that major Lion shareholders support the deal, believing it to be a solid foundation for future collaboration. Lion Gaming has around 70 shareholders including individuals, financial institutions and venture capitalists in North America, Europe, and elsewhere.
It added that “Adventure Box shares the same vision of the gaming market with Lion, particularly in terms of synergies, such as Web3 development, cross-user acquisition, and the KoGaMa and Lion gaming platforms and universes.” This transaction aligns Adventure Box’s business and strategic objectives with the KoGaMa platform and opens new opportunities for game development.
Lion taps Adventure Box Resources
Lion Gaming is a parent company of several brands and subsidiaries, such as MAMMOTH Workshop and Aggretron. Lion Gaming also has several licenses including B2B licences and Curacao gambling licences.
Duncan McIntyre said, “We are looking forward to joining Adventure Box.” Our business will be able to benefit from the extensive resources and experience of Adventure Box.
This merger allows us to take advantage of synergies, and also strengthen our global presence. This transaction is sure to provide the support and tools we require to remain a global leader in gaming technology. “This is done through organic growth, and the acquisition of new companies.”
