Evolution entered into an agreement on the acquisition of Big Time Gaming, the developer of Megaways, totaling up to $ 534.5 million (450 million euros) paid by cash and Evolution shares.
Big Time Gaming includes world-famous games such as Bonanza and Extra Chilli, as well as innovative Game Mechanic Megaways ™.
It is assumed that the transaction will have a positive effect on the profit per share in 2021 for Evolution Group. The completion of the transaction depends on the receipt of permits of regulators and is expected in the second quarter of 2021.
Jens von Bar, Chairman Evolution, said:
"With the addition of Big Time Gaming to our portfolio of brand slot machines, we strengthen our strategic position as a leading supplier of digital casino games in the world. Big Time concentration on innovation and creating unique gaming experience perfectly corresponds to our culture and worldview Evolution. We look forward to the continuation of our joint path ".
Nick Robinson, General Director of Big Time Gaming, said:
"And Evolution, and Big Time Gaming Moving Innovation, so perfect to each other. Our players are waiting for a bright and interesting future. ".
The total amount of advance payment paid by Evolution within the transaction is 220 million euros. In addition, Evolution will pay payments based on EBITDA Big Time Gaming for 2022/23 and 2023/24, respectively. Earnings payments will make up a maximum of 230 million euros and are subject to payment in 2023 and 2024, respectively.
Earlier, we reported, What is the manufacturer of the casino content, Evolution announced the conclusion of a partnership agreement with JVH Gaming & Entertainment Group for the delivery of content and services for the Live Casino in the Netherlands.