Evolution Announces Acquisition Of Big Time Gaming

July 9, 2021 by

After months of back and forth, Evolution has finally received the regulatory approvals to finalise the deal with Big Time Gaming. The discussion of a potential agreement and the initial agreement had been outlined in April 2021. Expectations were that the deal would conclude by the end of the second quarter, which has since become a reality.

The Stockholm-listed casino supplier, Evolution, had to pay an upfront lump sum of EUR 220 million in addition to EUR 80 million in cash with the remainder being issued in Evolution shares. This transaction has officially been finalised. In April, the transaction amount was estimated to be EUR 450 million.

In addition to the monies mentioned above, Evolution will also pay an earn-out based on Big Time Gaming’s EBITDA for the 2021/23 and 2023/24 fiscal years. This is set to a maximum of EUR 230 million and will be made up of 70% cash and 30% Evolution shares. As a result, Evolution’s board will be issuing 1,105,032 new shares.

The sellers of Big Time Gaming are accrued by right to subscribe to these new shares, some of which have subscribed to have their shares offset the EUR 140 million that they would have received. The subscription price equates to €126.72 per share, equal to the average price of Evolution’s shares on Nasdaq reported between 23 March and 7 April 2021.

This deal follows shortly after Evolution’s acquisition of NetEnt in December 2020. NetEnt was the owner of the Megaways gaming mechanic that offers players 117,649 pay-lines.

TOP pokies casinosOctober 2021
#CasinoNZRatingBonusPlay
1 IE allowed5/5$1600 NZD Play now
Review
2 IE allowed4.9/5$1000 NZD Play now
Review
3 IE allowed4.8/5$350 NZD Play now
Review
4 IE allowed4.7/5$750 NZD Play now
Review

William Bettany

More About

William Bettany has spent a lot of time in New Zealand’s casinos, indulging in his passion for pokies both online and off. With an incredible array of experience and insight at his disposal, William is sharing all the hottest casino news with PokiesOnlineNZ.net.nz, and paving the way to players putting more money away at the end of the day.
William’s on-target advice, superior playing experience, and no-nonsense reporting have made sure his opinions are listened to, and he values sharing the news and his views, reviews and industry insights with others.

View Posts - Visit Website