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

Exciting news for online casino enthusiasts! Leading live casino company Evolution has announced their plans to acquire popular Megaways slot developer Big Time Gaming in a deal worth €450m/£389m/$534.5m. The transaction, which will be completed by the end of the second quarter, includes a combination of cash and company shares.

Evolution is known for creating and licensing top-notch online casino games for operators worldwide. The upfront payment of €220m will be followed by additional payments based on BGT’s earnings before depreciation, tax, and amortization (EBITDA) between 2022 and 2024. BGT’s impressive financial performance in 2020 with €29m in EBITDA and €33m in revenue makes this deal even more valuable.

The upfront payment will consist of €80m in cash while the remaining amount will be paid out in newly issued Evolution stocks. Additionally, an earn-out payment of up to €230m will be made over the next two years, with a majority being paid in cash and the rest in Evolution shares.

With renowned law firm Wiggin LLP leading the way, Evolution has ensured a smooth and successful transaction. BGT has also appointed top advisors including teacher Stern, Oakvale Capital LLP, and BDO to assist with the deal.

Why This Deal Matters

Big Time Gaming is highly regarded in the online slot industry, with popular titles like Extra Chilli and Bonanza under their belt. Their innovative Megaways mechanics have been integrated into over 200 games, making them a valuable addition to Evolution’s portfolio.

Jens von Bahr, Chairman of Evolution, shared his excitement for the future of both companies: “We believe that this partnership will further solidify Evolution’s position as a global leader in the iGaming market. With BGT’s focus on creating unique player experiences, we are confident in our ability to deliver exceptional content for players worldwide.”

BGT’s CEO Nik Robinson echoed this sentiment stating that both companies share a passion for innovation and are excited to work together towards delivering top-quality results for players.

The Next Chapter for Evolution

This recent acquisition comes on the heels of Evolution’s takeover of renowned iGaming software developer NetEnt in November 2020. The deal was worth an estimated SEK19.60bn/€1.91bn/£1.72bn/$2.30bn and solidified Evolution’s goal of becoming a global leader in the industry.

Evolution’s financial results for 2020, released in February 2021, showed a remarkable 53.4% increase in revenue year-over-year, reaching €561.1m. After all expenses were accounted for, the operator reported a profit of €283.6m, a significant increase of 90.1% compared to the previous year.