Evolution Strikes a Deal to Acquire Big Time Gaming for €450m

Get ready for an exciting new partnership in the world of online gaming. The renowned Live Casino conglomerate Evolution is set to acquire the popular Megaways slot developer Big Time Gaming, in a deal worth €450m/£389m/$534.5m. This strategic move is expected to be completed by the end of the second quarter and will further cement Evolution’s position as a global leader in the industry.

As part of this acquisition, Evolution will pay €220m up-front and settle the remaining amount through earn-out payments based on BGT’s earnings between 2022 and 2024. With their strong track record, Big Time Gaming’s EBITDA for 2020 stands at €29m for revenue of €33m.

The initial payment will include €80m in cash, while the rest will be paid out in newly launched Evolution stocks. Similarly, the earn-out payment amounts to €230m and will be cleared partly between 2023 and 2024, with a balance payable in cash and shares.

Law firms Wiggin LLP and Deloitte on Board

Strategic Importance of this Deal

This highly-anticipated partnership brings together two innovative and forward-thinking companies. With popular titles like Extra Chilli and Bonanza, as well as their fan-favourite Megaways mechanics, Big Time Gaming has established itself as a leader in online slot development with over 200 integrated games.

Chairman of Evolution, Jens von Bahr, states “With Big Time Gaming on our side, we aim to further strengthen our gaming portfolio and solidify Evolution’s position as a global leader in the iGaming market. BGT’s focus on creating unique player experiences aligns perfectly with our future goals, and we can’t wait to see what we’ll achieve together.”

CEO of BGT, Nik Robinson, adds “Both Big Time Gaming and Evolution share a passion for innovation and delivering exceptional results to players. We are excited about this new venture and look forward to the endless possibilities it brings.”

The Future Looks Bright for Evolution

This deal closely follows Evolution’s successful takeover of renowned iGaming software developer NetEnt in November 2020. Valued at SEK19.60bn/€1.91bn/£1.72bn/$2.30bn, this move further solidified their position as a global industry leader.

The decision to acquire NetEnt was made with the goal of expanding their reach in the iGaming world, a mission that is further strengthened by this partnership with Big Time Gaming.

In February 2021, financial results for the previous year were released showing an impressive 53.4% YoY revenue increase to €561.1m for Evolution. After all expenses were accounted for, they walked away with an impressive profit of €283.6m – up 90% since 2019.