Evolution Gaming offers to buy NetEnt for £1.6bn
June 24, 2020
Evolution Gaming and NetEnt are two of the biggest names in the online casino industry right now and it seems they could soon be joining forces.
In a statement by NetEnt on the 24th of June 2020, the company has revealed that Evolution Gaming has placed a bid totalling £1.6 billion.
NetEnt’s board of directors “unanimously recommends” that the company’s shareholders accept the offer.
The takeover deal would see Evolution purchasing up to 90% of NetEnt’s shares at a rate of £6.80 per share. The acceptance period for the offer will run from the 17th of August until the 26th of October 2020. Evolution has stated that they will not be increasing their offer.
Evolution Gaming’s offer could lead to big things
Both Evolution Gaming and NetEnt expect the deal to have a positive effect on the growth of the company and its revenue.
Mathias Hedlund, chairman of NetEnt, commented on the possible purchase.
“Recently, NetEnt has vastly improved its tech and product development capabilities and thereby its growth prospects and at the same time reaching a strong position within the US states that have opened up for online casino.
With this deal, there are unique possibilities to shape a leading global B2B provider of online casino, taking advantage of the market development with continued digitalisation and strong growth, especially in North America.
Evolution’s position within live casino combined with NetEnt’s position within online slots will create a company well-positioned to take significant market shares. Through this transaction, a new chapter in the development of more entertaining online casino begins, in the best interest of players, operators, employees and shareholders.”
Global market leaders?
Evolution Gaming’s chairman, Jens von Bahr, explained that the deal fits into the company’s long-term plans to become a “global market leader”.
Not only do the portfolios of both software providers complement each other but they could be what puts the companies on the map in the North American market.
“NetEnt’s established US positioning combined with Evolution’s existing US studios and first-to-regulated-market strategy will put us in a favourable position to capitalise on the on-going regulation in North America,” said von Bahr.
It remains to be seen whether or not shareholders will accept the bid by Evolution Gaming in the near future. Once we know more, we’ll be sure to update this article.
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