A deal has been reached between Evolution Gaming Group and Big Time Gaming for the purchase of their whole issued share capital for a total of €450 million (around £389 million). The entire up-front consideration payable is €220 million, which will be paid in cash and Evolution shares. In addition, Evolution will be responsible for making earn-out payments based on Big Time Gaming's EBITDA for the years 2022/23 and 2023/24. The earn-out payments have a potential maximum value of 230 million euros and are scheduled to be made in 2023 and 2024.
According to a statement issued by Evolution, "Completion of the deal is contingent to receipt of regulatory approvals and is expected during the second quarter of 2021."
The chairman of Evolution, Jens von Bahr, stated that "with the addition of Big Time Gaming to our portfolio of slot brands we enhance our strategic position as the leading provider of digital casino games in the globe." Big Time Gaming is a subsidiary of Evolution Gaming.
"Big Time's emphasis on innovation and the creation of one-of-a-kind gaming experiences is a fantastic match with Evolution's established culture and way of thinking. We are excited to continue our adventure together and look forward to doing so.
The games Bonanza and Extra Chilli are examples of those offered by Big Time Gaming. For the year 2020, the company projects that it would bring in 33 million euros in revenue and report 29 million euros in Profitability.
Nik Robinson, CEO of Big Time Gaming, stated that "Evolution and Big Time Gaming are both driven by innovation, which is why the two companies are the right combination." Our guys have a future that is both bright and entertaining ahead of them.
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