Big Time Gaming Is Going to Be Acquired By Evolution

Evolution, which is already one of the largest iGaming companies in the world, is going to expand its portfolio by acquiring another another key company. The staggering sum of 450 million Euros (payable in cash as well as shares) has been stipulated in the deal that the company has made with Big Time Gaming. This further cements the gaming titan’s position as a dominant force in the realm of online gaming as the company continues its spectacular expansion.

A few short months earlier, on December 1 of last year, Evolution was also responsible for the acquisition of NetEnt. Evolution has argued that the move is important as it aims to further enhance its position in being “the leading provider of digital casinos in the world.” The move was made because Evolution is looking to become “the leading provider of digital casinos in the world.”

 

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Nik Robinson, spokesman and CEO of Big Time Gaming, stated that Evolution and Big Time Gaming are both brands that are motivated by innovation, and that is why they are the right complement for one another. In addition to that, he stated that the players have a promising and exciting future ahead of them.

 

The more nitty-gritty aspects of the transaction have already been ironed out. In order to complete the acquisition of Big Time Gaming, Evolution will need to make an initial cash payment of a total of €220 million. In addition to this, Evolution is obligated to make earn-out payments, the amount of which will be determined by Big Time’s EBITDA for the respective financial years 2022/23 and 2023/24. These earn-out payments will be made in the years 2023 and 2024, respectively, and will total a maximum of 230 million euros per year.

 

In addition, the first consideration will be paid in the form of €80 million in cash, and the remaining portion of the transaction will be completed through the issuance of newly created Evolution shares. The payment of the cash component of the up-front consideration will take place, and the issuance of the shares will take place once the transaction has been finalized. These shares are going to be valued at a price that corresponds to the volume weighted average price of Evolution shares that were traded on Nasdaq Stockholm during the dates of 23 March and 7 April 2021. The conclusion of the transaction is dependent on being granted permission from the relevant regulatory bodies. It is expected that this will take place during the second quarter of the year 2021.

 

In a Position That Is Strategic

Jens von Bahr, the Chairman of Evolution, has stated that the company would reinforce their position as the top online provider of digital casino games after the addition of Big Time Gaming to their portfolio. Big Time Gaming is an online casino game developer and provider.

 

He went on to say that the culture of Big Time’s brand, which places a strong emphasis on innovation and the creation of really one-of-a-kind playing experiences for players, is a wonderful match with Evolution’s way of thinking. Von Bahr proceeded by noting that Evolution now looks forward to continuing the trip together, and he expressed excitement about this prospect.


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