Evolution Strikes a Deal to Acquire Big Time Gaming for €450m

Breaking news in the world of online casinos! The renowned Live Casino giant Evolution has announced its plans to acquire the popular Megaways slot developer, Big Time Gaming, in a deal worth €450m/£389m/$534.5m. This deal, payable in cash and company shares, is set to close by the end of the second quarter.

Known for creating and licensing top-notch online casino games for operators worldwide, Evolution will pay €220m up-front and clear the remaining amount through earn-out payments from BGT’s earnings between 2022 and 2024. With BGT’s impressive EBITDA of €29m in 2020, this deal is sure to be a success.

In addition to the initial payment, Evolution will also issue newly launched stocks as part of the agreement. The earn-out payment amounts to €230m and will be paid out partially between 2023 and 2024. The remaining balance will be settled with a combination of cash (70%) and Evolution shares (30%).

The transaction has been entrusted to leading law firm Wiggin LLP by Evolution’s Malta-based iGaming operator. Deloitte, Addisons, Gernandt & Danielsson are assisting Wiggin LLP while BGT has appointed teacher Stern, Oakvale Capital LLP, and BDO as advisors.

The Strategic Impact of this Deal

Big Time Gaming has established itself as a leader in online slot development, with popular titles like Extra Chilli and Bonanza, along with their fan-favorite Megaways mechanics that have been integrated into over 200 games. “With Big Time Gaming on board, we aim to strengthen our gaming portfolio and solidify Evolution’s position as a global leader in the iGaming market. Their commitment to creating unique player experiences aligns perfectly with our future goals, and we cannot wait to deliver outstanding content to players in the near future,” revealed Jens von Bahr, Chairman of Evolution.

BGT’s CEO Nik Robinson also expressed excitement about this partnership, stating “Both Big Time Gaming and Evolution share a passion for innovation, making us a perfect match. We are confident that together we will continue to deliver exceptional results for our players.”

The Future of Evolution

This latest acquisition closely follows Evolution’s takeover of renowned iGaming software developer NetEnt, which was finalized in November 2020 at an estimated value of SEK19.60bn/€1.91bn/£1.72bn/$2.30bn.

Evolution first made an offer to acquire NetEnt back in June 2020 with the goal of becoming a dominant force in the iGaming industry. This move to acquire Big Time Gaming further solidifies their determination to achieve this goal.

In February 2021, Evolution reported a staggering 53.4% year-over-year revenue increase of €561.1m, with a remarkable profit of €283.6m after all expenses were accounted for. These impressive financial results demonstrate the company’s continued success and growth in the industry.