Evolution, the iGaming Live dealer specialist, has just shared that over 90% of all shareholders in NetEnt have accepted its proposed bid for the slots giant.
A Deal of the Giants
Back in June, Evolution tabled a bid on NetEnt's shares, valuing it at £1.70 billion. The offer was conditional on supporting NetEnt's expansion efforts in the UK and securing the approval of more than 90% of NetEnt’s shareholders.
The acceptance period for shareholders moved from 31 October to 20 November, with Evolution hoping to declare the offer as unconditional by 23 November. However, despite the acceptance period now expired, the negotiations are still ongoing. Although Evolution is yet to confirm the outcome of the offer, it is said that the offer has been accepted by shareholders holding 93.9% of the total number of shares and 97.3% of the total number of votes in NetEnt.
The Green Light
When two giants of this magnitude explore the option of joining forces, a lot is at stakes.
Jens von Bahr, Chairman of Evolution Gaming said: “This strategic deal marks a significant step towards Evolution’s long-term vision of becoming the global market leader in the online casino industry. The combination of Evolution’s strong offering in Live Casino with NetEnt’s leading position in online slots will result in a world-class portfolio of online games that will enable us to serve a growing customer base”.
He then commented that: “NetEnt’s established US positioning combined with Evolution’s existing US studios and first-to-regulated-market strategy will put us in a favorable position to capitalize on the on-going regulation in North America.”
This acquisition offer was also subject to a review by and approval from the UK Competition and Markets Authority (CMA) as well as the Malta Competition and Consumer Affairs Authority. The latter gave the deal the green light, giving Evolution the necessary competition approvals for the deal to proceed.
If everything goes according to plan for Evolution and NetEnt, the settlement of the acquisition deal is expected to begin from 1 December.