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Creating classic slots isn’t an easy task but some developers make it look effortless. NetEnt has proven repeatedly why they are ...
Published on by kirk
Evolution signalled their intention to stake their claim as the leading online casino supplier with their acquisition of NetEnt in December 2020. Since then, their progress has been steady, with game releases, big jackpots, and new markets punctuating their determined stride forward. On the 12th of April, the industry great hit yet another significant milestone in its bid to dominate the online casino vertical by announcing the acquisition of Big Time Gaming, the masterminds behind the popular Megaways.
Evolution is expected to close the deal, worth €450m, by the end of Q2 2021. The company will pay an up-front cost of €220m with the rest of the payment divided into earn-out payments. The total amount of money in each payment will vary depending upon Big Time Gaming’s revenue in 2022-2023 and 2023-2024 before tax, amortisation (EBITDA), interest, and depreciation. The earn-outs will be payable in 2023 and 2024 and will be valued at a maximum of €230m.
Of the €220m up-front cost, €80m will be payable in cash. The rest will be issued via new Evolution shares.
Both Evolution and Big Time Gaming are excited to see where the partnership will lead, with representatives for the companies happy to give their thoughts about the acquisition. The chairman of Evolution, Jens von Bahr, believes that the sale will only serve to strengthen Evolution’s hold on the market:
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.
Von Bahr adds that Big Time’s emphasis on innovation and dynamic player experiences will fit right in with Evolution’s forward-thinking vision.
Big Time Gaming’s chief executive, Nik Robinson, also sees a bright future ahead:
Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits our players.
Evolution is an excellent fit for Big Time Gaming’s exciting and unique ideas about what online casino gaming should look like. We are excited to see exactly what this acquisition has in store for players in the coming months and years.
Keep up with the latest announcements and developments, including important NetEnt news, right here on our website!
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