Evolution Strikes a Deal to Acquire Big Time Gaming for €450m

Exciting news in the online casino world as leading live casino company Evolution has announced its plans to acquire renowned Megaways slot developer Big Time Gaming. The deal, valued at €450m/£389m/$534.5m, will be paid in a combination of cash and company shares and is set to close before the end of the second quarter.

Evolution is a leading provider of online casino games for operators worldwide. The initial payment of €220m will be followed by additional earn-out payments based on BGT’s earnings between 2022 and 2024, with a reported EBITDA of €29m for revenue of €33m in 2020.

The majority of the deal will be paid in cash, with Evolution also offering newly launched company shares to BGT. In addition, an earn-out payment of €230m will be made partly in cash and partly in Evolution shares over the next few years.

Law firm Wiggin LLP has been appointed as lead advisor for Evolution while BGT has enlisted teacher Stern, Oakvale Capital LLP, and BDO for advisory roles.

Why This Deal Matters

This acquisition brings together two industry leaders, with Big Time Gaming known for its popular titles like Extra Chilli and Bonanza as well as the highly sought-after Megaways mechanics which have been incorporated into over 200 games.

“We are thrilled to join forces with Big Time Gaming and further enhance our gaming portfolio. Both companies share a passion for innovation and we look forward to delivering top-notch content for players in the future,” said Jens von Bahr, Chairman of Evolution.

“The partnership with Evolution is a perfect fit for us as we both strive for excellence through innovation. We can’t wait to see what we can achieve together,” added Nik Robinson, CEO of BGT.

The Future of Evolution

This latest acquisition comes on the heels of Evolution’s takeover of leading iGaming software developer NetEnt, finalized in November 2020 at an estimated value of SEK19.60bn/€1.91bn/£1.72bn/$2.30bn.

The initial bid to acquire NetEnt was made in June 2020 as part of Evolution’s plan to become a global leader in the iGaming industry – a goal that is further strengthened by this deal with Big Time Gaming.

In financial results released in February 2021, Evolution reported a significant 53.4% increase in revenue year-over-year, reaching €561.1m. After expenses, the operator saw profits rise by 90.1% since 2019 to €283.6m.