The huge gaming corporation NetEnt has acquired a slot development company Red Tiger Gaming. The first NetEnt’s acquisition was made with a deal worth £220 million.

NetEnt has agreed to pay £197 million for all the Red Tiger’s shares and possibly add £23 million in cash by 2022. The additional amount is payable on an earn-out basis, subject to financial results over two years.

According to the NetEnt chief executive, together with Red Tiger, the company plans to boost the combined global reach and provide valuable offers to operators and players worldwide. Red Tiger chief executive said that the acquisition would open new opportunities for the company and help its growth in the future.

Red Tiger Gaming was founded in 2014. It has become one of the leading game providers in the industry and currently has around 170 employees. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected to reach £18 million by the end of 2019.