Evolution will enter into another significant i-gaming venture. The company signed a deal with Big Time Gaming, payable in cash and shares, for a total amount of up to €450 million.
The step is to reinforce its position as being “the leading producer of digital casino games worldwide.”
The estimated initial payment in the deal by Evolution is €220 million. Furthermore, in 2022/23 and 2023/24, the company will pay earnings taxes dependent on the BTGs and the EBITDA. Payments for earnings will not exceed €230 million and will pay in 2023 and 2024, respectively.
The initial payment will be €80m cash, newly released stocks of Evolution will pay the balance and the cash portion of the initial consideration as well. But, the share will be released after the transaction has been completed.
The income consideration will be payable as 70% in cash and 30% in newly issued Evolution shares. They expect that completion of the transaction, subject to regulatory approvals, will occur during the second quarter of 2021.
“We are strengthening our competitive role as the world’s leading digital casino gaming provider by adding big-time gaming to our slot brands,” said Evolution Chairman Jens von Bahr.
“Big Time’s emphasis on creativity is a perfect match with our culture and mentality at Evolution. It creates unique playing experiences. We are looking forward to our journey together.”