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BREAKING: Sweden's Evolution Gaming To Buy Big Time Gaming For 450 Million Euros
12 April 2021, 07:00:00
Live casino provider Evolution Gaming has agreed to buy Australia-based online slot machine developer Big Time Gaming for up to 450 million euros ($534.8 million).
Big Time Gaming's revenue for the calendar year 2020 amounted to EUR 33 million with an EBITDA of EUR 29 million. The transaction is expected to make a positive contribution to the 2021 EPS for the Evolution Group.
The total initial purchase price to be paid by Evolution in the Transaction is EUR 220 million. In addition, Evolution will pay additional purchase prices, based on Big Time Gaming's EBITDA for the years 2022/23 and 2023/24, respectively. The additional purchase payments will amount to a maximum of EUR 230 million and will be paid in 2023 and 2024, respectively.
Big Time Gaming is a leader in online slot machines. Big Time Gaming's titles include worldwide favorites such as Bonanza and Extra Chilli as well as the groundbreaking Megaways™ game feature, which has been incorporated into over 200 multiplayer games.
“Through the addition of Big Time Gaming to our portfolio of slot brands, we are strengthening our strategic position as a leading provider of digital casino games in the world. Big Times' focus on innovation and creating unique player experiences fits well with our culture and our way of thinking about Evolution. We look forward to continuing our journey together.” - Jens von Bahr, Chairman, Evolution
“Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits our players." - Nik Robinson, CEO, Big Time Gaming.
The initial purchase price will be paid with up to EUR 80 million in cash and the remainder with newly issued shares in Evolution. The cash portion of the initial purchase price will be paid, and the share portion of the initial purchase price will be issued, when the Transaction is completed. Shares in Evolution that are issued as part of the initial purchase price will be valued at a price corresponding to the volume-weighted average price of Evolution's share on Nasdaq Stockholm during the period March 23 - April 7, 2021 (approximately 1,120,000 shares are expected to be issued).
Completion of the Transaction is conditional on the receipt of relevant regulatory approvals and is expected during the second quarter of 2021.
More to follow....