The deal is now subject to approval from shareholders after NetEnt officials released a statement arguing that, based on current financial standing and set development goals, a buyout by Evolution made a lot of sense.
Executives responded quickly after Evolution offered to buy out over 90% of NetEnt’s shares on price based on its June 23, 2020 exit price. This amounts to £1.70 billion which will, however, be paid in Evolution Gaming shares.
NetEnt shareholders would be receiving a 0.49 units premium based on the June 23 price. Evolution won’t consider negotiating the price any further and this is the company’s final offer.
Both companies have a lot to gain from working with each other. NetEnt, which has long kept an untainted line of purity until it acquired Red Tiger Gaming several months back, is now planning a major shake-up of its business by accepting Evolution’s bid.
Meanwhile, both companies are expanding rapidly in the United States where their combined heft would guarantee them better penetration as well as a better end-user experience.
Both Evolution Gaming and NetEnt already have good penetration in the crypto gambling segment, as they provide the sector and operators such as 7BitCasino, Bitcasino and BitStarz with sophisticated and quality gaming products, including Deal or no Deal games.
The proposed takeover could lead to even bigger focus on the crypto segment with native solutions developed specifically for betting with bitcoin. Although none of this is on the companies’ immediate plans, the growth of cashless payments and digital currencies used to settle gambling transactions is indicative that sooner or later, market leaders will make the shift towards the crypto gambling segment.