Big Time Gaming To Be Acquired By Evolution For €450 Million
The premier live dealer casino developer in the world is continuing to expand its presence with strategic acquisitions. Evolution announced this week that it will buy yet another big name in market once it completes its acquisition of Big Time Gaming.
Last year, Evolution snapped up Netent which is one of the most popular gaming developers in the world. Evolution confirmed that it has entered a €450 million deal to acquire Big Time Gaming. The acquisition is subject to regulatory approval but market analysts expect no issues and believe that the deal will be approved before the end of 2021.
The arrangement is for Evolution to pay €220 million upfront and then pay €80 million in cash when the deal is done. The remaining amount will be transferred via shares of the company. Apart from that, Evolution will make earn-out payments for the next few years depending on the company’s performance. The total payout from them will be a maximum of €230 million. This payout will be 70 percent in cash and 30 percent in shares.
Big Time Gaming is based in Australia and has been around for more than a decade in the gambling industry. While they have been making some great games for some time, their real claim to fame is the Megaways Mechanic. They launched the Megaways Mechanic in 2016 and have experienced a lot of success with it since then.
The Australian developer has been licensing its Megaways Mechanic out to other slot game makers since 2018 and earn well from this business model. More than 200 online slots from different developers offer Megaways slots.
Both Evolution and Big Time Gaming appear to be very happy with this deal. Evolution Chairman Jens von Bahr said that the purchase is a strategic addition to the company’s portfolio. von Bahr believes that Big Time Gaming will fit well with the Evolution group. Big Time Gaming’s CEO Nik Robinson was also happy with the sale and said the two companies had a bright future together.
This acquisition is yet another feather in the cap for Evolution. In 2019, Evolution made a big acquisition when it paid out $2 billion to purchase Netent.
Evolution claimed that the move would allow them to take control of a significant market share in the online gambling industry. This was mainly from the fact that Evolution’s live casino offerings and Netent’s slots were in the top position in many markets.
The Big Time Gaming acquisition will allow Evolution to continue to strengthen its global market presence.