One of the giants in the sector, Evolution Gaming announced great news as it finalized the process of acquiring Big Time Gaming, developer of the popular Megaways mechanic present in online slot machines. The agreement, worth 450 million euros, provides for a part of the payment in cash and another in newly issued shares. Try out megaways slots in the best online casinos.

Major Acquisition of Evolution Gaming

Evolution Gaming's acquisition of Big Time Gaming is expected before the end of the second quarter of this year. Part of the deal will be paid in cash, an amount of 220 million euros, with the rest through an earn-out, based on Big Time Gaming's earnings before taxes, interest, depreciation and amortization (EBITDA). This will be valid for the periods between 2022 and 2023 and 2023 and 2024. Last year, Big Time Gaming's EBITDA was 29 million euros, with revenue amounting to 33 million euros.

Evolution Gaming announces a major milestone by acquiring Big Time Gaming for €450 million

The amount of earn-out payments to the provider will be a maximum of 230 million euros, payable between 2023 and 2024. Evolution must make 70% of the payment in cash and the remainder in the form of newly issued shares. The expectation is that around 1.1 million shares will be issued.

Perfect partnership

As Evolution Gaming's lead advisor throughout the deal is law firm Wiggin LLP, which will oversee the entire transaction. Additional support will be provided by Addisons, Deloitte, EY and Gernandt & Danielsson. Oakvale Capital LLP, Teacher Stern and BDO are consultants for Big Time Gaming.

Speaking about the transaction, Jens von Bahr, President of Evolution Gaming, explained that “With the addition of Big Time Gaming to our portfolio of slot machine brands in the best mobile casinos, we have extended our strategic position as a leading global provider of digital casino games. ”.

In turn, Nik Robinson, CEO of Big Time Gaming, added that “Evolution and Big Time Gaming are both driven by innovation and, therefore, are a perfect match. A bright and entertaining future awaits our players.”