Evolution completes acquisition of Big Time Gaming and issues shares to the sellers

Rhea-AI Summary

Evolution AB has successfully completed its acquisition of Big Time Gaming Pty Ltd, following the receipt of all necessary regulatory approvals. The transaction, valued at EUR 140,030,000, was executed through a combination of cash and Evolution shares. In line with this, Evolution's board has issued 1,105,032 shares to Big Time's sellers, with a subscription price of EUR 126.72 per share, based on the volume weighted average price from March 23 to April 7, 2021. This acquisition is expected to enhance Evolution's strategic market positioning.

Positive

• Completed acquisition enhances market presence and product offering.
• Transaction valued at EUR 140,030,000 indicates strong growth potential.

Negative

• Issuance of 1,105,032 shares may dilute existing shareholder value.

STOCKHOLM, June 30, 2021 /PRNewswire/ -- As Evolution AB (publ) ("Evolution") published on 12 April 2021 it has entered into an agreement to acquire the entire issued share capital of Big Time Gaming Pty Ltd ("Big Time") for a consideration payable in cash and Evolution shares (the "Transaction"). All regulatory approvals which the Transaction was conditional upon have now been received, and Evolution has today completed the Transaction and acquired the shares.

Due to the completion of the Transaction, Evolution's board of directors has today 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 EUR 140,030,000 against the newly issued shares.

The subscription price in the issue amounts to EUR 126,72 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^rd March - 7^th April 2021.

For further information, please contact:
Jacob Kaplan
CFO
ir@evolution.com

The information was submitted for publication by the above contact person on 30 June 2021 at 18:00 CET.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/evolution/r/evolution-completes-acquisition-of-big-time-gaming-and-issues-shares-to-the-sellers,c3377463

The following files are available for download:

https://mb.cision.com/Main/12069/3377463/1439068.pdf

BTG ENG (30 juni 2021)

View original content:https://www.prnewswire.com/news-releases/evolution-completes-acquisition-of-big-time-gaming-and-issues-shares-to-the-sellers-301323385.html

SOURCE Evolution

FAQ

What is the significance of Evolution's acquisition of Big Time Gaming?

The acquisition strengthens Evolution's market position and expands its game offerings.

When was the acquisition of Big Time Gaming completed?

The acquisition was completed on June 30, 2021.

What is the total value of the acquisition of Big Time Gaming by Evolution?

The acquisition is valued at EUR 140,030,000.

How many shares were issued to complete the acquisition of Big Time Gaming?

Evolution issued 1,105,032 shares to the sellers of Big Time Gaming.

What was the subscription price per share set for the new shares issued for the acquisition?

The subscription price was set at EUR 126.72 per share.