Evolution Gaming Seals Deal to Acquire Big Time Gaming for EUR450M

2 min read | April 12, 2021 06:56 PM AEST | By Furquan Moharkan

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Evolution Gaming Seals Deal to Acquire Big Time Gaming for EUR450M

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Sweden-headquartered Evolution Gaming Group AB (NASDAQ:EVO) is set to acquire Big Time Gaming Pty Ltd in a deal worth EUR450 million to expand its strategic footprint.

The deal will be executed through payments made in the form of cash and part of shares of Evolution Gaming. With the deal, which is expected to be completed by June 2021, the Swedish company would own 100% capital of Big Time Gaming.

Evolution would be making an upfront payment of EUR220 million for the acquisition and earn-out payments worth EUR230 million over the next three years – depending on Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of Big Time Gaming.

As much as 70% of the earn-out payments would be done through cash payment, while remaining portion would be paid through the shares of Evolution Gaming.

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Some of the famous titles of Big Time Gaming are Bonanza and Extra Chilli, along with Game Mechanic Megaways^TM.

According to Nik Robinson, CEO, Big Time Gaming, the two companies share drive for innovation, making Evolution Gaming a perfect suitor for them. He claimed that a bright future awaits gamers, globally, after the acquisition.

The transaction is likely to have a positive impact on the earnings of Evolution Gaming. In 2020, Big Time Gaming had clocked a revenue of EUR33 million, and an EBITDA of EUR29 million.

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