Evolution nears acquisition of Big Time Gaming

Evolution nears acquisition of Big Time Gaming

Evolution sustains its upward momentum as the gaming giant nears the purchase of game development studio Big Time Gaming.

Big Time Gaming enters partnership with Future Anthem

Acquisition Deal: Evolution-Big Time Gaming

Evolution’s take over of Big Time Gaming is just waiting for formality at this point, barring unforeseen events. The Malta-based B2B provider has agreed to purchase the studio for a total consideration of up to €450m, which is reportedly payable in cash and shares.

Details of the agreement will see Evolution paying the total up-front consideration valued at €220m to Big Time Gaming shareholders. Evolution will also send earn-out payments based on BTGs EBITDA for 2022/23 and 2023/24, respectively. 

The earn-out payments will amount to a maximum of €230m, which will be due in 2023 and 2024.

The Evolution shares issued as part of the up-front consideration will get a valuation at a price equivalent to the volume-weighted average price of the Evolution share on Nasdaq Stockholm during March 23 – April 7, 2021 period.

The breakdown of the earn-out consideration will be 70 percent in cash and 30 percent in newly issued Evolution shares. The groups expect that completion of the transaction, conditional upon receipt of regulatory approvals, occurs during the second quarter of 2021.

Evolution’s impending acquisition of Big Time Gaming came after the group completed the acquisition of premium content supplier NetEnt on December 1, 2020.

Jeff Miller, Evolution’s commercial director for North America, explained in an interview on Slotbeats last month the company’s mindset that has served as the driving force behind its strategic expansion. 

“Clearly, when you are entering markets where they have been very used to a style of slot in another vertical – in this case, land-based – it makes sense to provide familiar touchpoints.

“For example, the portfolios of NetEnt and Red Tiger include lots of games that have many of the same play mechanics found in land-based casinos, such as free spin bonuses and progressive jackpots. Of course, both also have a long history of producing slots that are popular the world over and have genuine universal appeal.”

Key People on the Deal

Jens von Bahr, chairman of Evolution, explained why acquiring Big Time Gaming will further enhance its position as the leading supplier of digital casino games in the world.

“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.

Nik Robinson, CEO of BTG, also shares the company’s sentiments with Evolution Gaming closing in on absorbing the studio.

“Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits our players.”

Avatar

About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.