netent-agrees-to-$2-billion-evolution-gaming-purchase-offerEvolution Gaming, best known as the leading live gaming group in the online casino world, made an offer to acquire NetEnt in a deal said to be worth $2 billion (ZAR 34,552,100,000.00).

The Stockholm-listed, NetEnt’s Board of Directors recommended the offer to its shareholders, who will get 0.1306 Evolution shares for every NetEnt share that they own.

The Stockholm-listed, NetEnt’s Board of Directors recommended the offer to its shareholders, who will get 0.1306 Evolution shares for every NetEnt share that they own.

Evolution has already said that it will not increase the offer. NetEnt has between August 17th and October 26th to accept or reject the offer. The deal will be completed on condition that Evolution becomes the owner of more than 90% of NetEnt’s shares and as long as the deal receives all the necessary regulatory and governmental clearances and approvals.

The chairman of NetEnt, Mathias Hedlund said in a statement: “Recently, NetEnt has vastly improved its tech and product development capabilities and thereby its growth prospects and at the same time reaching a strong position within the US states that have opened up for online casino.”

“With this deal, there are unique possibilities to shape a leading global B2B provider of online casino, taking advantage of the market development with continued digitalisation and strong growth, especially in North America.”

The chairman said that Evolution’s position within the live casino industry, combined with NetEnt’s position in the online casino games sphere, will create a combined company which is well positioned to take significant market shares. He added that, through this transaction, he expects the development of a new chapter of entertaining online casino games.

The creation of a combined group made up of Evolution and NetEnt forms an opportunity to combine their respective offerings. The combined company will create a larger customer base, a more comprehensive products portfolio and stronger operational capabilities. The combination will result in an approximate annual cost savings of €30 million, compared to the combined costs of NetEnt and Evolution Gaming in the first quarter of 2020.

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