Evolution Submits Bid to Acquire NetEnt

This story was published more than 3 years ago.

Live dealer gaming giant Evolution Gaming has announced that they've submitted an offer to acquire fellow Swedish game developer NetEnt, valued at SEK19.6 billion.

The offer is being made with the goal of enabling Evolution to become a major player in the global internet gambling industry, joining titans like Microgaming, Playtech, and others. NetEnt is active in North America, and securing this purchase would give Evolution an important foothold into what is a growing market that will be huge once it mmatures.

Evolution's offer is valued at a 43% premium over the current NetEnt share price as of Tuesday, coming in at SEK79.93 per share. Current Evolution shareholders already own 20% of NetEnt, and they've indicated that they'll vote to approve of the bid. NetEnt's board of directors is also on board, voting unanimously to approve of the sale.

Commenting on the offer Evolution chair Jens von Bahr said, "This strategic acquisition is an important part of Evolution's long-term vision to become a market leader in the global online gaming industry. The combination of Evolution's strong offering in live casino and NetEnt's leading position in online slots will result in a portfolio of world-class online games that will enable us to serve a growing customer base. In addition, the combination of NetEnt's established position in North America and Evolution's existing studios in the US and our so-called first to regulated market strategy will put us in an advantageous position to capitalize on the ongoing regulation in North America. "

NetEnt Chairman Mathias Hedlund added: "More recently, NetEnt has improved its tech and product development capabilities and thereby its growth potential, while at the same time achieving a strong position in the states of the US that have opened up to online casinos. Through this transaction, unique opportunities are created to form a leading B2B supplier in online casinos and take full advantage of the market developments with continued digitalisation and strong growth, especially in North America. With Evolution's position in live casino and NetEnt's position in online slots, the merged company will be well positioned to capture significant market shares. This transaction will start a new chapter in the development of more entertaining online casinos for the benefit of players, operators, staff and shareholders. "

We'll be following this story and updating readers as more developments arise.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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24 June 2020 - 2:05pm

Well, that's a gigantic deal. I was waiting to see how Evolution would enter the American market, and it sure seems like this is the route.

It'll be interesting to see how this all plays out.

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29 June 2020 - 3:12pm

These are very interesting news, I heard about it a couple of days ago. It certainly would change a lot, and lately it seems like all the major game providers and betting companies are buying each other out to minimize the competition.