If you’re in the online gambling world, you’re probably familiar with the liver dealer giant Evolution Gaming and their huge library of live dealer games, and they’re about to add hundreds of slot games to their offering, thanks to a recent acquisition of NetEnt games for $2.1BN USD.
The takeover was approved by both the Malta Competition and Consumer Affairs Authority, and the Competition and Markets Authority (CMA).
The takeover included Evolution Gaming snagging 96.8% of shares (and votes) within the company. The offer was initially deemed unconditional (November 23), and the acceptance period extended until the end of November — the acquisition had support from 93.9% of NetEnt shares, and investors holding A & B shares baked the offer, too. The offer also let NetEnt stockholders to sell for Evolution Gaming shares (0.1306), with Evolution releasing over 900,000 new shares.
Evolution Gaming has begun a buy-out process to purchase any remaining shares, and NetEnt shares will be removed from the NASDAQ on December 16.
Acquisition Results in NetEnt Cuts
After the acquisition, NetEnt began shutting down their Qormi, Malta offices. Employees from the studio were sent home the morning of December 1, ahead of a large restructuring by Evolution. Although no official numbers have been released, it’s rumored that hundreds of employees with lose their jobs, as role redundances are removed.
However, the Malta Competition and Consumer Affairs says they’ll offer support for employees who have lost their jobs as a result of the restructuring.
Jens von Bahr, Evolution Chairman, says the takeover will position the company as “a market leader in the global online gaming industry.”
With online gaming only rising since the onset of the Covid-19 pandemic, it will be interesting to see how the live dealer specialist incorporates NetEnt’s slick & user-friendly slots to their offerings.