Memery Crystal advises Gaming Realms on the sale of Bear Group to River iGaming

Gaming Realms is an AIM-listed online gaming business focused on the development of a new generation of social bingo and slot machine gaming concepts. Gaming Realms was founded by the team behind Cashcade, which created the leading online bingo brand, Foxy Bingo, in addition to other online bingo and casino games.

Gaming Realms have taken the decision for the sale in order to focus on higher growth areas including the development and licensing of propriety online games. This will involve the focus of resource on content development and international licensing of the Slingo brand. Gaming Realms is already building an excellent pedigree in this area having developed and launched approximately 20 games to date, and the board believes it makes strategic sense to build on this success.

The total sale price of £11.5m includes the settlement of the contracted deferred consideration of £4.2m owed by River UK Casino to the group.

The Memery Crystal team on this deal was led by our Chairman and Partner Lesley Gregory, and included our Head of Gambling Carl Rohsler, Senior Associate Krishen Patel and Solicitors Max Binney, Martyna Polak and Lauren Belmonte. Memery Crystal have previously advised Gaming Realms on its AIM listing, share issues and subsequent acquisitions.

Michael Buckley, Chairman of Gaming Realms, commented: “We were really pleased with the standard of advice we received from the entire team at Memery Crystal on this strategic transaction. We have a longstanding relationship working with Lesley and her team, and value the high level of service that is always provided.”

Lesley Gregory commented: “We are delighted to have successfully advised Gaming Realms, on this deal. We look forward to continuing our relationship with this long-standing client in the future, as they pursue their growth in the international market.”