Evolution Gaming is the world leader in video-streamed Live Dealer gaming and works with more top-tier operators and brands than any other provider. It is a company that’s committed to delivering a flawless live gaming experience across multiple channels in various regulated markets.
Live Casino solutions are streamed from its state-of-the-art studios in Riga and Malta or from live studios in land-based casinos. Solutions include real-time games played on desktop, tablet, and mobile devices plus Live Casino TV show content and betting integration and intra-resort gaming.
However, Evolution is on the verge of taking its operations one step further as it moves to acquire Big Time Gaming, Megaways developer. The company recently announced it had tabled an offer to acquire Big Time Gaming in a €450 million deal. The purchase will be a combination of cash (€80 million) and the balance in newly issued Evolution shares.
Big Time Gaming is the thought leader in online slots. Titles include worldwide player favorites like Bonanza and Extra Chilli and the ground-breaking Game Mechanic Megaways, which is incorporated in over 200 games from multiple providers.
This latest deal is yet another significant acquisition for the live casino provider, following closely behind the addition of NetEnt last year.
Evolution’s mission is to become the world’s number one digital casino games provider, and it is getting ever closer to that goal.
The Fine Print of the Deal
The total up-front consideration payable by Evolution is €220 million. Evolution also has to pay additional earn-out payments based on BTGs EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for 2022/23 and 2023/24. These extra payments will not exceed €230 million and will be due for settlement in 2023 and 2024 on a one-to-one basis.
An immediate cash deposit is also payable up-front, paid as an initial deposit, with the balance to be settled in the form of the aforementioned shares. The distribution of the shares, however, will only be finalized once the transaction is almost complete.
Also in the agreement is a provision that the Evolution shares to be issued will carry a value per share equal to the price-per-share on Nasdaq Stockholm for the period March 23-April 7, this year.
The Future’s Looking Bright for Evolution
Evolution seems to have found the perfect fit to help it achieve its aim. Chairman of Evolution, Jens von Bahr, recently said, “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 mindset at Evolution. We look forward to continuing our journey together.”
Both Evolution and Big Time Gaming are driven by innovation, which makes them the perfect match. Completing the deal is conditional upon receipt of regulatory approvals, which are expected during Q2, 2021.