Evolution looks set to provide another significant an affiliate the igaming establishment. Evolution gaming signs a contract to obtain Big Time Gaming for a total as much as €450m, payable in cash and shares.
“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,” stated Jens von Bahr, chairman of Evolution.
This comes hot to the heels of its acquiring NetEnt, that was finalised on December 1, 2020. Together with the gaming giant asserting that the move has come about as it seems to help strengthen its position in succeeding as “the main provider of digital casino games inside the world.
“Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits for our players,” Said Nik Robinson, CEO of BTG.
The overall up-front consideration payable by Evolution inside the transaction is €220m. In addition, Evolution pays off earn-out payments, determined by BTGs EBITDA for the years 2022/23 and 2023/24, respectively. The earn-out payments will amount to a maximum of €230m, and turn payable in 2023 and 2024, respectively.
The up-front consideration will likely be payable as €80m in cash and others in newly issued Evolution shares. The cash part of the up-front consideration will likely be paid, plus the share part will likely be issued at completion with the transaction.
“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.”
The Evolution shares issued in the up-front consideration will likely be valued at a price the same as the degree weighted average price with the Evolution share on Nasdaq Stockholm during the time period March 23 – April 7, 2021.
The earn-out consideration will likely be payable as 70 percent in cash and 30 percent in newly issued Evolution shares. It is actually anticipated that completion with the transaction, that's conditional upon receipt of regulatory approvals, will occur throughout the second quarter of 2021.