Evolution Gaming offers to buy NetEnt for $2.1 billion

Sweden’s Evolution Gaming Group has offered to acquire the online slots provider NetEnt for 19.6 billion Swedish crowns ( $2.1 billion ) in stocks.

Headquartered in Sweden and publicly traded on the Nasdaq Stockholm Exchange, Evolution Gaming is the world’s leading provider of Live Casino games. EG has offered NetEnt AB 19.6 billion Swedish crowns ( $2.1b ) in stock for its portfolio of online slots games.

The offer of 79.93 crowns per share represents a premium of 43% over NetEnt’s closing price on the Nasdaq Stockholm.

NetEnt Chairman Mathias Hedlund stated that “Evolution’s position within Live Casino combined with NetEnt’s position within online slots will create a company well-positioned to take significant market shares”

Evolution Gaming AB expects the agreement will result in annual cost savings of about €30 ( $34 million ) and to have a positive effect on earnings per share in 2021.

The official offer document will be published on or around 14 August and will end in the last days of October. The acquisition will most likely happen as 20% of NetEnt shareholders have already indicated that they will accept the offer, while the board of directors recommended other shareholders back the bid.

Live Casino Gaming Leader

Established in 2006, Evolution Gaming AB provides its customers with a premium selection of video-streamed live dealer games.

Its studios are based in Romania, Malta, Latvia, Canada, Belgium, Georgia, Spain and Atlantic City. Evolution is at the forefront of real-time casino streaming solutions, supplying more than 300 online casinos with live casino games, such as Blackjack, Roulette and Baccarat. Its portfolio of B2B customers includes Casumo, LeoVegas and Betsson brands such as Rizk Casino.

The acquisition of NetEnt will position Evolution group as “ a market leader in the global gaming industry”.