Live Casino Provider Evolution purchases slot studio

The industry-leading live casino service Evolution has successfully concluded the acquisition of Big Time Gaming that the business started working on back in April. The Stockholm-listed service provider made an initial payment of €220 million, of which €80 million was paid in cash and the remaining €140 million was paid in issued shares.

Reports indicate that the provider was successful in obtaining all of the necessary regulatory approvals to move forward with the conclusion of the acquisition of the slot developer. In addition, the live dealer casino service provider is going to make an additional contribution, consisting of cash and shares, in order to honor April’s total consideration of 450 million euros.


The Payment Is Based On EBITDA

The slot developer’s EBITDA for the fiscal years 2022/2023 and 2023/2024 will be used to calculate the remaining payment of €230 million that the live casino provider is obligated to make. The remaining thirty percent of the payment will be made in issued shares of Evolution, while seventy percent of it will be made in cash.


In anticipation of the next payment, the board of directors of the provider has decided to issue a total of 1,105,032 new shares. The purchasers of the developer’s existing shares gained the entitlement to purchase any newly issued shares. According to reports, they reportedly subscribed for shares in Evolution in exchange for a set-off of their receivable totaling €140.0 million against the newly issued Evolution shares.


The subscription price of the offer was set at €126.72 per share, which was the same as the volume weighted average price of Evolution’s shares on Nasdaq Stockholm from the 23rd of March through the 7th of April of this year. On Thursday morning in Stockholm, trading activity for shares of Evolution AB (STO:EVO) was higher by 1.01%. The cost of one share was 1,360.00 Swedish Krona.


Evolution Acquires Important Studios

Evolution has made no secret of the fact that its long-term goal is to become the preeminent brand not only in the field of live casinos, but also in online slots and other types of games. The provider has implemented a growth strategy that includes the purchase of industry veteran NetEnt, and the Big Time Gaming acquisition is the most recent step in that approach.


In 2019, NetEnt acquired Red Tiger, giving the live dealer casino operator two reputable studios to work under its umbrella.


2011 marked the beginning of operations for Big Time Gaming, which has its headquarters located in Australia. The majority of the software developer’s output is comprised of video slots, some of which have achieved widespread acclaim and include Bonanza, White Rabbit Megaways, and Dragon Born.


Nick Maugham, a former chief executive officer at Cayetano Gaming, established Red Tiger Gaming in 2013. Slots developed by the company include Dragon’s Fire Megaways, Well of Wishes, Gonzo’s Quest Megaways, Hoard of Poseidon, and Legend of Athena, among others.


The company that would later be known as Evolution was established in the year 2006. The service has gained more notoriety in the realm of live casinos, and it features a selection of game show-inspired specialist alternatives in addition to its table games in its portfolio of offerings.






Leave a Reply

Your email address will not be published. Required fields are marked *