Evolution Gaming Group adds BTG to its growing portfolio of iGaming assets in another industry-defining acquisition deal
Evolution Gaming Group is set to acquire €450m worth of the entire issued share capital of Australia-based online slot machine developer, Big Time Gaming.
The total up-front consideration payable is €220m and is payable in Evolution shares and in cash. Earn-out payments will then be based on Big Time Gaming’s EBITDA for the years 2022/23 and 2023/24. The earn-out payments, amounting to a maximum of €230m, are payable in 2023 and 2024. The company will be paying 70% in cash and 30% in issued shares.
In a statement, Evolution Gaming said ‘The transaction is estimated to contribute positively to 2021 EPS for the Evolution Group’
Big Time Gaming’s 2020 revenue added up to €33 million with an EDITDA of €29 million. BTG hold famous game titles such as Bonzana and Extra Chili.
Jens von Bahr, Chairman of Evolution said that with the addition of Big Time Gaming to their portfolio of slot brands they will strengthen their strategic position as the leading provider of digital casino games in the world.
“Big Time’s focus on innovation and creating unique playing experiences is a great fit with our culture and mind-set at Evolution. We look forward to continuing our journey together.”
Back in December, SiGMA News reported another acquisition by Evolution Gaming when the company acquired the Swedish company NetEnt in a $2 billion deal.
The bid to acquire NetEnt was submitted back in June, and due to the process the redundancies were to be expected, but of course seeing the current global situation and the time of year, it was still a shock to many of these employees especially in Malta where the company is headquartered.
Whether you’re a startup looking for seed investments or an established company looking for an exit, we’ve got your back! We’ll connect you to the right people to make sure you’ll get the best evaluation for your business. What’s more, we won’t charge you a dime for this consultation! Let us help, sign up here.