Evolution to Acquire Big Time Gaming

Evolution (NYSE:EVO), the live casino giant, has confirmed an agreement to acquire developer Big Time Gaming (BTG), which created the popular Megaways mechanic, for a total consideration of €450 million, to be paid in cash and Evolution shares.

The deal is expected to be closed before the end of Q2 2021. The total up-front consideration to be paid by Evolution is €220 million. This will be followed by earn-out payments based upon BTG’s earnings before interest, tax, depreciation and amortization (EBITDA) for the years 2022/3 and 2023/24. Last year, BTG’s EBITDA was €29 million on revenue of €33 million.

These earn-out payments will come to a maximum of €230 million and will be payable in 2023 and 2024. They will be comprised of 70% cash and 30% in newly issued Evolution shares. The up-front payment is to be €80 million cash with the remainder in newly issued shares, which are expected to total roughly 1.1 million.

Jens von Bahr Evolution Chairman

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 mind-set at Evolution. We look forward to continuing our journey together.

Jens von BahrEvolution Chairman

The chief executive at BTG, Nik Robinson, added, “Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits our players.”


The deal comes after Evolution acquired NetEnt towards the end of last year in a deal that was worth €1.91 billion. When Evolution first made the bid for NetEnt, it said it was part of its plans to become “the world leader in the online gaming industry”, an ambition that seems to be very much alive.

In February, Evolution’s results showed that after the acquisition it reported a year-on-year increase in revenue and profit for 2020, with revenue up 53.4% at €561.1 million, which left the company with profits of €283.6 million after expenses, tax and other costs.

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