Evolution To Acquire Big Time Gaming
Posted on April 13, 2021 at 11:04am
One of the world’s biggest iGaming giants, Evolution, is set to add yet another significant firm to its collection. The company has entered an agreement with Big Time Gaming totalling an astounding €450 million, payable in cash and shares. This continues the gaming stalwart’s impressive expansion as it plants deeper roots in the world of online gaming.
Just a few months ago, on 1 December of last year, Evolution also acquired NetEnt. Evolution has asserted that the move is necessary as it looks to further strengthen its position in becoming “the leading provider of digital casinos in the world.”
Driven by Innovation
Big Time Gaming’s spokesperson and CEO, Nik Robinson, said that Evolution and Big Time Gaming are both brands that are driven by innovation, and are therefore the perfect match. He also added that a bright, entertaining future awaits players.”
The finer details of the deal have already been hashed out. In total, Evolution needs to make an upfront cash transaction of €220 million in order to purchase Big Time Gaming. In addition to this, Evolution must pay earn-out payments, based on Big Time’s EBITDA for the financial years 2022/23 and 2023/24 respectively. These earn-out payments will amount to a maximum of €230 million and will be payable in the years 2023 and 2024 respectively.
Furthermore, the up-front consideration will be payable as €80 million in cash and the remainder of the deal will take the form of newly issued Evolution shares. The cash portion of the up-front consideration will be paid, while the share part will be issued at the transaction’s completion. These shares will be valued at a price that is equivalent to the volume weighted average price of Evolution shares on Nasdaq Stockholm during the period of 23 March and 7 April 2021. Completion of the transaction is conditional upon the receipt of regulatory approvals. It is anticipated that this will occur during the second quarter of 2021.
In A Strategic Position
The Chairman of Evolution, Jens von Bahr, has said that with the addition of Big Time Gaming to their portfolio, they’ll strengthen their position as the leading online provider of digital casino games.
He added that Big Time’s focus on innovation and creating truly unique playing experiences for players is a great fit with their brand’s culture and the mind-set at Evolution. von Bahr continued by saying that Evolution now looks forward to continuing the journey together.
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