Swedish gaming company Evolution are set to acquire Big Time Gaming for an estimated €450 million in a cash/shares deal.
Evolution, who provides live casino solutions to online operators in both the US and Europe, will pay €220 million up front. This will be comprised of €80 million cash and the rest in Evolution shares.
There are also earn-out payments scheduled for 2022/23 and 2023/24 which are expected to reach a maximum of €230 million. The earn-out considerations will be comprised of 70% cash and 30% Evolution shares.
The acquisition is the latest move by Evolution as the company looks to expand its global offerings. In December of 2020, the company finalized a deal to buy NetEnt for €1.9 billion.
In an Evolution Gaming press release, 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.”
Jens von Bahr, chairman of Evolution 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.”
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.
