Evolution Gaming Group has entered into an agreement to acquire the entire issued share capital of Big Time Gaming for €450m (£389m)

Evolution Gaming Group has entered into an correspondence to acquire the intact issued percentage working capital of Big Time Gaming for €450m (£389m).

Payable inward immediate payment and Evolution shares, the total up-front considerateness payable is €220m, with Evolution to pay earn-out payments based on Big Time Gaming’s EBITDA for the years 2022/23 and 2023/24. The earn-out payments will amount to a upper limit of €230m, and are payable in 2023 and 2024.

“Completion of the transaction is conditional upon receipt of regulatory approvals and is expected during Q2 2021,” a financial statement from Evolution read.

Evolution chairman Jens von Bahr said: “With the add-on of Big Time Gaming to our portfolio of one-armed bandit brands we beef up our strategical view as the leading provider of digital cassino games inwards the world.

“Big Time’s focusing on innovation and creating unique playing experiences is a outstanding fit with our culture and mindset at Evolution. We appear forrad to continuing our journeying together.”

Big Time Gaming’s titles include Bonanza and Extra Chilli, with the fellowship reporting revenue and Earnings Before Interest Taxes Depreciation and Amortization of €33m and €29m severally for the calendar twelvemonth 2020.

Big Time Gaming CEO Nik Ray Robinson added: “Evolution and Big Time Gaming are both goaded past innovation, hence the perfect match. type A brilliant and entertaining future tense awaits our players.”

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