Evolution Gaming Group (STO: EVO) has entered into an agreement with Big Time Gaming to acquire the entire share capital issued for up to $534m, payable in Evolution shares and Cash.
Big Time Gaming is considered the leaders of Innovation the past few years with block buster mechanics such as Megaways and their portfolio includes world wide favourites like Extra Chilli, Bonanza and Holy Diver as well as the Megaways Mechanic incorporated in 200+ slot games from Multiple Providers.
“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,” said Jens von Bahr, chairman of Evolution.
“Evolution and Big Time Gaming are both driven by innovation, hence the perfect match,” said Nik Robinson, CEO at Big Time Gaming. “A bright and entertaining future awaits for our players.”
Big Time Gaming revenues amounted to $39 millions with an EBITDA of $34.5m for the entire 2020. The transaction is estimated to contribute positively to 2021 EPS for the Evolution Group.
The earn-out consideration will be payable 70 per cent in cash and 30 per cent in newly issued Evolution shares. The Evolution shares issued will be valued at a price equivalent to the volume weighted average price of the Evolution share on Nasdaq Stockholm at the time the earn out shares are issued.
Completion of the transaction is conditional upon receipt of regulatory approvals and is expected during Q2 2021.