Evolution completes acquisition of Big Time Gaming
Evolution on 12 April 2021 entered into an agreement to acquire the entire issued share capital of Big Time Gaming for a total consideration of up to $534.5m (€450m), payable in cash and Evolution shares.
All regulatory approvals upon which the transaction was conditional have now been received, and Evolution on Wednesday completed the transaction and acquired the shares.
Evolution's board of directors on Wednesday resolved to issue 1,105,032 shares. The right to subscribe for the new shares accrues, with deviation from the shareholders' preferential rights, to the sellers of Big Time who have subscribed for the shares against set-off of their receivable of U$ 166,300,000 against the newly issued shares, according to a press release.
The subscription price in the issue amounts to U$150 per share, which, in accordance with the agreement in respect of the transaction, is equivalent to the volume-weighted average price of the Evolution share on Nasdaq Stockholm during the period 23 March - 7 April 2021.
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