The deal between Evolution and Big Time Gaming is expected to be completed before the end of Q2 2021. Evolution will pay €220m as upfront consideration, and additional earnout payments will be based on Big Time Gaming’s EBITDA for the years 2022/3 and 2023/24. Big Time Gaming had an EBITDA of €29m in 2020, with a revenue of €33m. The maximum earnout payments will amount to €230m and will be payable in 2023 and 2024, with 70% in cash and 30% in newly issued Evolution shares. The upfront consideration will be €80m in cash and the rest in newly issued shares, with approximately 1.1m shares issued.
To assist in the transaction, Evolution has enlisted the services of lead adviser Wiggin LLP, along with Addisons, Deloitte, EY, and Gernandt & Danielsson. Big Time Gaming has engaged Oakvale Capital LLP, Teacher Stern, and BDO as advisors. Jens von Bahr, chairman of Evolution, stated that the addition of Big Time Gaming enhances their strategic position as the leading provider of digital casino games globally, citing their shared focus on innovation and unique playing experiences. Nik Robinson, chief executive at Big Time Gaming, expressed excitement for the future partnership with Evolution.
This deal follows Evolution’s acquisition of NetEnt in 2020, solidifying their ambition to become the world leader in the online gaming industry. Results from 2020 revealed a significant increase in Evolution’s revenue and profit after the acquisition.
