Evolution To Acquire Big Time Gaming

By Ben Hamill - April 13 2021
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Evolution To Acquire Big Time Gaming

Live casino games giant Evolution is on the verge of acquiring yet another big iGaming player in the world of digital and gaming entertainment. The company earlier this week confirmed that it has now tabled an offer to acquire Megaways-creator Big Time Gaming.

The €450 million deal will see Evolution purchase Big Time Gaming in a combination of cash and newly-issued Evolution shares, of which the cash component will be €80 million, and the balance to be issued in new shares.

The deal is yet another significant acquisition for the live casino provider, following close behind last year’s NetEnt accretion. The NetEnt-deal, which was finalised on December 1st, 2020, pushed Evolution one step closer to its mission of becoming the world’s number one digital casino games provider. And now that Big Time Gaming seems set to be the next big acquisition for the live entertainment titan, there certainly appears no be no limits to what Evolution is able to achieve.

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Details Of The Deal

The consideration payable by Evolution is an up-front cash/shares distribution totalling €220 million. Evolution will also part with so-called earn out payments, which value of which will be determined by Big Time Gaming’s EBITDA for 2022/23 and 2023/24. These earn out payments will not exceed €230 million, and will become due for settlement in 2023 and 2024, on a one-to-one basis.

An up-front amount will also be payable in the form of an immediate cash deposit totalling €80 million. The cash component will be paid as an initial deposit, with the balance to be settled in the form of the aforementioned shares. The distribution of shares will be finalised once the transaction nears completion.

The agreement furthermore provides 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 (2021).

BTG The Perfect Fit

The completion of the transaction, which is anticipated during the second quarter of 2021, is reportedly dependent only on regulatory approvals, with all of the remaining terms and conditions having been already met by the parties.

According to Evolution Chairman Jens von Bahr, the addition of Big Time Gaming to the live casino giant’s existing iGaming portfolio will allow the company to strengthen even further its foothold as the number one provider of online casino games.

Big Time’s commitment to digital innovation fully resonates with Evolution’s own, said von Bahr, making the BTG brand the perfect fit for the live casino specialist.

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