Evolution begins NetEnt integration and reorganisation

Stockholm-listed gaming supplier Evolution has assumed operational control of NetEnt, with incumbent CEO Therese Hillman leaving the business in the first quarter of 2021.

Following its acquisition of NetEnt and ahead of the delisting of NetEnt shares, Evolution began a total reorganisation and integration of the business Tuesday, with Evolution management assuming operational responsibility for the business.

This will see NetEnt chief executive Therese Hillman leave the company in the first quarter of next year after assisting with the handover, as well as the closure of NetEnt’s live casino offering and streamlining of games development functions.

This will result in annual cost savings of €30m compared to the two companies’ combined cost base in the first quarter of 2020, as previously communicated.

Following the reorganisation, Evolution will continue to provide online and live casino games under its four brands - Evolution, Ezugi, NetEnt and RedTiger.

Shares in Evolution Gaming Group AB (STO:EVO) were trading 0.28 per cent higher at SEK727.80 per share in Stockholm Wednesday morning, while shares in NetEnt AB (STO:NET-B) were trading 0.58 per cent higher at SEK86.00 per share.