‘Evolution enters into an agreement to Acquire Big Time Gaming, a leading video slot development company renowned for Megaways game mechanic.’ (Image source: bigtimegaming.com)
In news just in, Evolution has entered into an agreement to acquire Big Time Gaming, a leading video slots development company renowned for its Megaways game mechanic, for 450 million Euros! Already the biggest and most successful live casino provider, this deal further strengthens Evolution’s strategic position in the increasingly competitive video slots market.
This move follows the November 2020 acquisition of NetEnt, arguably the biggest name in the video slots industry. Along with that purchase came Red Tiger, another prominent video slots provider which NetEnt acquired at the end of 2019. With NetEnt, Red Tiger, and potentially Big Time Gaming under its belt, Evolution now has to be considered the biggest slots provider in the iGaming industry.
Why Acquire Big Time Gaming?
Innovation! Big Time Gaming is recognised as one of the most innovative video slot development companies in the world. The Australia-based company always looks to create something new, unique, and enjoyable slots for players to enjoy at the online casinos. Not happy with cookie cutter video slots, Big Time Gaming is always coming up with brand new game mechanics. It is this innovation that Evolution believes matches its own.
Big Time Gaming created the insanely popular Megaways game mechanic, which now features in over 200 slot titles. That creation spawned numerous partnerships with other firms keen to use the mechanic in their own titles. Microgaming, Novomatic, Scientific Games, Blueprint Gaming, and Red Tiger have all reached agreements with Big Time Gaming to use the Megaways feature in their own slots.
Evolution has entered into an agreement to acquire leading online slot machine developer Big Time Gaming https://t.co/Oq0PrRmpy8
— Evolution IR (@EvolutionIR) April 12, 2021
Big Time Gaming has created a plethora of Megaways slots themselves. Games in the companies portfolio that use the game mechanic include Monopoly Megaways, Kingmaker Megaways, Bonanza Megaways, and Who Wants to Be a Millionaire Megaways.
Not wanting to rest on the success of Megaways, Big Time Gaming continued to strive for innovation with the release of other game mechanics including Megaquads and Megaclusters. Once the deal to acquire Big Time Gaming is complete, Evolution will hold all the rights to each of these game-changing slot mechanics!
How the Deal is Structured
Evolution will initially cough up €220 million for Big Time Gaming, with the remaining €230 coming as earn-out payments based on Big Time Gaming’s EBITDA in the years up to 2024. Those payments will come in 2023 and 2024. The €220 million upfront payment will consist of €80 million in cash and newly issued Evolution shares. 70% of the remaining €230 million will be paid in cash while the remainder will be in further issued Evolution shares.
The deal represents a fantastic opportunity for Evolution to further consolidate its position as the leading iGaming casino content provider, while Big Time Gaming is able to continue the company’s drive for innovation under the wing of a similarly driven company of the stature of Evolution.
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