Evolution takes over Big Time Gaming in €450m deal
Its recent acquisition of NetEnt was completed on the first of December last year, and the gaming company claimed that it was seeking to reinforce its standing in the gaming scene and revealed ambitious plans to turn into the leading provider of digital casino content across the globe.
Big Time Gaming CEO Nik Robinson said:
“Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits for our players.”
Evolution will be paying a total of €220 million upfront, as well as earn-out payments which are based on BTG’s EBITDA throughout the years of 2022/23 and 2023/24. These payments will be €230 million maximum, and are payable in both 2023 and 2024. The up-front consideration will also be payable in cash as €80 million with the rest being in Evolution shares. The cash part is set to be paid upfront, with the shares being issued upon the transaction’s finalization.
Moreover, the earn-out consideration is set to become payable as 70% in cash with the other 30% in Evolution shares. The transaction is now expected to be completed during Q2 of this year, as it is subject to the some regulatory approvals.
Evolution Gaming chairman, Jens von Bahr, added:
“With the addition of Big Time Gaming to our portfolio of slot brands we strengthen our strategic position as the leading provider of digital casino games in the world. Big Time’s focus on innovation and creating unique playing experiences is a great fit with our culture and mind-set at Evolution. We look forward to continuing our journey together.”