The acquisition of Big Time Gaming by Evolution has been completed, with the board of directors approving the issuance of 1,105,032 new shares.
Evolution announced its intention to buy BTG in April for a total value of up to £450 million, payable in cash and shares. All of the essential regulatory clearances have now been secured by the company, allowing it to execute the acquisition.
As a result, Evolution will pay a €220 million upfront payment, consisting of €80 million in cash and the rest in newly issued Evolution shares.
The subscription price in the offering is EUR 126,72 per share, which is equal to the volume weighted average price of the Evolution share on Nasdaq Stockholm over the period 23rd March – 7th April 2021, according to the Transaction agreement.
Strengthening of strategic position
Jens von Bahr, chairman of Evolution, remarked in response to the acquisition news in April: “With the addition of Big Time Gaming to our portfolio of slot brands we strengthen our 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.”
Furthermore, BTG CEO Nik Robinson stated that both firms are “driven by innovation” and that the acquisition is a “perfect match.”
This acquisition follows the December 1, 2020 acquisition of NetEnt, with the gaming giant claiming that the move is part of its plan to become “the leading provider of digital casino games in the world.”