Evolution Gaming is gaining full control over NetEnt, after taking its total shareholding of more than 96% of the remaining shares, following the expiration of its “extended acceptance period” for acquisition of the Stockholm-listed software developer. After the UK Competition and Markets Authority (CMA) approved the deal last month, the merger has the necessary approvals to proceed.
Evolution Has Officially Began with a Reorganisation of NetEnt
Evolution Gaming has already made its preliminary offer to acquire NetEnt in June, 2020, for a total amount of SEK 19.6bn ($2.1bn). The initial offer valued each share in the Swedish software supplier at SEK 79.93 (€7 per share), and a premium of 43% over NetEnt’s closing price.
As announced this summer, Evolution Gaming made a public offering for the Swedish slots and online casino supplier.
Evolution had initially announced an expectation of closing the transaction on 2 November 2020, with an acceptance period starting on 17 August, 2020 and ending around 26 October, 2020.
Last week, on 23 November 2020, Evolution Gaming revealed that its acquisition offer had been confirmed unconditionally, that it had been finalised, and that the acceptance phase had been extended up until 30 November 2020.
The Takeover Bid is Now Considered to be Closed
In its latest update, Evolution has revealed that, after the backing of the acquisition deal by NetEnt shareholders, the takeover bid is now officially considered to be closed. As stated in SBC News, Evolution has “initiated a compulsory buy-out procedure in accordance with the Swedish Companies Act for the purpose of acquiring those shares not submitted in the offer.”
Evolution will undertake a ‘total reorganisation and integration’ of the newly acquired NetEnt.
Through the takeover, NetEnt will operate under the Evolution banner, as Evolution undertakes a complete reorganisation and integration of the newly acquired Swedish-listed supplier after assuming operational responsibility of both parties.
Evolution Gaming formally begins the restructuring process, taking over NetEnt with the decision to close NetEnt Live. However, the supplier will continue to release iGaming and live casino products, under the leading brands within its ownership – Red Tiger Gaming, Ezugi, and now NetEnt.