Evolution Purchases BTG to Cement Its Place as Top Developer
April 12, 2021
If you’ve been following the news surrounding Evolution and its transformation in recent years, you probably aren’t surprised to see that the company is once again making headlines.
In less than 6 months, Evolution Gaming rebranded, closed their purchase of NetEnt, absorbed NetEnt Live casino games, and are now acquiring Big Time Gaming!
Looking to secure its position as ‘the leading provider of digital casino games in the world’, Evolution is on the lookout for new ways to expand its business at every turn.
Purchasing Big Time Gaming
Payable in both cash and shares, the total cost for acquiring Big Time Gaming will cost up to €450 million.
Jens von Bahr, chairman of Evolution, commented on the new purchase:
“With the addition of Big Time Gaming to our portfolio of slot brands we strengthen our strategic position as the leading provider of digital casino games in the world. Big Time’s focus on innovation and creating unique playing experiences is a great fit with our culture and mindset at Evolution. We look forward to continuing our journey together.”
To kick off the transaction, Evolution will pay out €220 million to BTG. A total of €80 million will be paid out in cash and €140 million will be added as Evolution shares. The remainder of the buy-out price is based on the EBITDA for 2022 to 2024. These earn-out payments are set at a maximum of €230 million and will be paid in the relevant years.
It’s expected that the transaction will conclude in the second quarter of 2021.
Evolution Aiming for the Stars
It’s no secret that Evolution will do whatever it takes to entertain players, cement their place as a top-rated software developer, and raise revenue.
With the purchase of NetEnt (which includes Red Tiger) in December 2020 and now Big Time Gaming, Evolution is killing two birds with one stone. By essentially taking out the competition and absorbing or closing their live casino offerings, Evolution places itself at the top of the live casino list. It also allows the company to expand into new regions with proven results.
CEO of Big Time Gaming and industry veteran, Nik Robinson, said:
“Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits for our players.”
While this is an exciting step in the right direction, we can’t wait to see what this leading software provider has in store for BTG’s most popular features which include Megaways and Megaclusters.