• Evolution agrees €450m deal for Big Time Gaming, in cash and shares
• Plans for being ‘leading provider’ of digital casino games
• Big Time Gaming behind the blockbuster Megaways slots mechanic
• Buy out follows the acquisition of NetEnt

Now more than just a live dealer gaming provider, Evolution is lining up a €450 million acquisition of Big Time Gaming.

The huge deal, which is made up of cash, shares and earn-out payments, follows the takeover of NetEnt, which was completed in December, and cements Evolution’s desire to be the “world leader in the online gambling industry”.

The industry had become used to operators cosying up in mergers and acquisitions as the sector streamlined; now it appears the software providers are doing the same.

‘Leading provider’

Announcing the deal, the chairman of Swedish-based Evolution, Jens von Bahr, said: “With the addition of Big Time Gaming to our portfolio of slot brands, we strengthen our strategic position as the leading provider of digital casino games in the world.

“Big Time’s focus on innovation and creating unique playing experiences is a great fit with our culture and mindset at Evolution. We look forward to continuing our journey together.”

Big Time Gaming is the innovator behind the Megaways slot mechanic, the multi-way reels and symbols feature that can give players more than 17,000 ways to win. Bonanza is one of the best-known slots developed by the company.

Nik Robinson, chief executive of Big Time Gaming, said: “Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits our players.”

It is expected the deal will be completed before the end of Q2 this year (end of June).

Cash and shares package

The structure is complicated but has found favour on both sides. There will be a €220 million up-front package from Evolution, made up of €80 million in cash and the remainder in new shares.

There then follows earn-out payments based on Big Time Gaming’s EBITDA for 2022-23 and 2023-24, up to a maximum of €230 million total. Further, those payments will be made of up 70% in cash and 30% in Evolution shares.

Big Time Gaming slots

Big Time Gaming has a good selection of slots that will help bring in a revenue boost to Evolution. Here are some of the better-known games:

• Bonanza
• Extra Chilli
• Who Wants to Be a Millionaire
• Monopoly
• Danger High Voltage
• Lil’ Devil
• Star Clusters
• Donuts