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Evolution completes Big Time Gaming acquisition

1st July 2021 9:31 am GMT
Evolution
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Stockholm-listed casino supplier Evolution has completed its acquisition of slots developer Big Time Gaming.

Following an initial agreement in April, Evolution has now received all regulatory approvals to complete the transaction, with the company paying an up-front consideration of €220m through a combination of €80m in cash and the remainder in newly issued Evolution shares.

Evolution will also pay an earn-out based on Big Time Gaming’s EBITDA for the 2022/23 and 2023/24 fiscal years, up to a maximum of €230m, which will comprise 70 per cent in cash and 30 per cent in newly issued Evolution shares.

As a result, Evolution’s board has resolved to issue 1,105,032 new shares.

The right to subscribe for the new shares accrues to the sellers of Big Time Gaming, who have subscribed for the shares against set-off of their receivable of €140.0m against the newly issued shares.

The subscription price in the issue amounts to €126.72 per share, which is equivalent to the volume weighted average price of Evolution’s shares on Nasdaq Stockholm during the period 23 March to 7 April 2021.

Shares in Evolution AB (STO:EVO) were trading 1.01 per cent higher at SEK1,366.00 per share in Stockholm Thursday morning.

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