Evolution Gaming Group has entered into an agreement to acquire the entire issued share capital of Big Time Gaming for up to €450m, payable in cash and Evolution shares.
Big Time Gaming is the thought leader in online slots. Big Time Gaming titles include world-wide player favourites like Bonanza and Extra Chilli as well as the ground-breaking Game Mechanic Megaways, which is incorporated in over 200 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.
"Big Time’s focus on innovation and creating unique playing experiences is a great fit with our culture and mind-set at Evolution. We look forward to continuing our journey together.”
“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 revenue amounted to €33m with an EBITDA of €29m for the calendar year 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 as part of the earn-out consideration 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.
