Evolution to acquire 100% of slot provider Big Time Gaming
The dust from Evolution’s acquisition of game provider NetEnt has barely settled as we are reached with the news of their next acquisition!
The agreement, capable of reaching up to €450 million, will be paid in cash and Evolution 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. 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.” – Jens von Bahr, chairman, Evolution.
According to the press release, Evolution is ready to consider paying €220 million in up-front consideration.
In addition to this, Evolution will also pay earn-out payments based on the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of Big Time Gaming. The earn-out will be based on the EBITDA for 2022/23 and 2023/24, respectively.
An amount of €80 million will be paid in real money (cash), and the remainder will be paid in an expected issue of approximately 1,120,000 new Evolution shares.
The transaction is expected to be completed at some time during Q2 of 2021.