Evolution, Stockholm-listed casino supplier, has finalized its purchase of slots developer Big Time Gaming.
After the initial agreement in April, Evolution has got all the regulatory approvals for the finalization of the transaction. The company has paid the up-front sum of EUR 220 million in a combo of EUR 80 million in cash and the rest in issued Evolution shares.
New Shares
The company will also pay an earn-out based on Big Time Gaming’s EBITDA for the 2021/23 and 2023/24 fiscal years, which is up to a maximum of EUR 230 million. This comprises 70% in cash and 30% in issued Evolution shares.
Evolution’s board has decided to issue 1,105,032 new shares as a result. The Big Time Gaming sellers are accrued by the right to subscribe to the new shares - to those of them, in fact, who have subscribed for the shares against set-off of their receivable EUR 140 million against the newly issued shares.
The issue’s subscription price amounts to €126.72 per share, is equivalent to the volume weighted average price of Evolution’s shares on Nasdaq Stockholm during the period 23 March to 7 April 2021. Shares in Evolution AB (STO:EVO) were trading 1.01 per cent higher at SEK1,366.00 per share in Stockholm Thursday morning.
The History of Acquisition
Evolution entered the acquisition discussion with Big Time Gaming in April of this year.
The agreement was expected to close at the end of Q2 which came true. The total consideration at the time was EUR 450 million.
In December, Evolution finalized the purchase of NetEnt the company became the de facto owner of Game Mechanic Megaways engine that allows players 117,649 paylines.
Source:
“Evolution Completes Big Time Gaming Acquisition”, gamingintelligence.com, July 1, 2021.
Cinderella
3 years ago
Hero Member
Another bold move.
Please enter your comment.
Your comment is added.