Online gaming company Evolution has announced that they've put up a €450 million offer to purchase Big Time Gaming in an effort to bolster their umbrella of services.
The offer would see the slot developer joining Evolution, who also recently purchased NetEnt. The purchase offer would be €220 million in upfront payment, with €80 million in cash and the rest in shares. The group would then pay out payments based on BTG earnings in 2023 and 2024, with a max €230 million in payments. That payout would be 70% cash and 30% stock.
Evolution debuted as a live dealer group and became the prominent company for broadcasting casino games. Now the company is set on expanding to other verticals and purchases like NetEnt and BTG will strengthen its position in regulated markets. Big Time Gaming is based in Australia and known for its Megaways slot mechanic, which it licenses out to different software developers.
This deal is subject to regulatory approval. It has been approved by the BTG board. We'll follow this story and update readers as the sale processes.