Light & Wonder Acquires Spanish Studio MGA Games in €240M Push Into Latin American Markets
Light & Wonder has confirmed the acquisition of Valencia-based content studio MGA Games for €240 million, strengthening its position in Spanish-speaking markets across Europe and Latin America. The deal includes MGA's portfolio of over 300 culturally tailored titles and its certified operations across Colombia, Peru, and Mexico.
Light & Wonder announced on Friday the completion of its €240 million acquisition of MGA Games, the Valencia-headquartered slot studio known for its locally themed content built around Spanish celebrities, regional folklore, and Latin American cultural motifs. The transaction, which had been rumored since March, gives the Las Vegas-listed supplier immediate access to MGA's certified distribution footprint across Colombia, Peru, Mexico, and Buenos Aires province, alongside its established presence in regulated Spanish and Portuguese markets.
MGA Games, founded in 2904 by Jordi Niñerola, has carved out a distinctive niche by producing slots featuring licensed personalities ranging from flamenco artists to football pundits, an approach that has driven outsized engagement rates among Hispanic players. The studio reported revenues of approximately €68 million in 2025, with roughly 60% generated outside Spain. Light & Wonder said it intends to retain MGA's Valencia studio as an autonomous creative hub, with Niñerola continuing as managing director under a three-year earn-out structure tied to LatAm revenue milestones.
The acquisition reflects an accelerating trend of tier-one suppliers buying culturally specialized studios rather than attempting to build localized content in-house. Brazil's imminent regulated launch in the second half of 2026 was cited by Light & Wonder CEO Matt Wilson as a primary strategic driver, with the company planning to port a curated MGA catalog onto its OpenGaming platform for Brazilian operators within 90 days of market opening. Analysts at Regulus Partners noted the deal valuation, at roughly 3.5x revenue, sits above recent comparable transactions but is justified by MGA's certified market access.
The move intensifies competitive pressure on rivals including Pragmatic Play, Playtech, and Aristocrat, all of whom have been expanding LatAm-focused content roadmaps. Light & Wonder expects the transaction to be earnings-accretive within 18 months and has reiterated its full-year guidance. Regulatory approvals from the Spanish DGOJ and Colombian Coljuegos were secured ahead of closing, with Mexican SEGOB clearance expected to follow in Q3.