Netent and Evolution Gaming, two of the leading Bitcoin casino software providers in the world, announced the finalization of probably one of the biggest partnership deals in the gambling industry.
Evolution Gaming recently made a bid to buy NetEnt and build a new online casino empire that will serve both traditional currency and Bitcoin users. The NetEnt board is currently meeting with its shareholders to discuss the proposal, but representatives from both tech giants confirmed the positive trajectory of the proposal.
Mathias Hedlund, chairman of NetEnt, shared the promising benefits of the acquisition in a recent press release: “Evolution’s position within live casinos combined with NetEnt’s position within online slots will create a company well-positioned to take significant market shares. Through this transaction, a new chapter in the development of more entertaining online casinos begins, in the best interest of players, operators, employees, and shareholders.”
On the side of Evolution Gaming, Chairman Jens von Bahr acknowledged NetEnt’s offer in terms of market position: “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.”
Before the current acquisition offer was given, the two companies have been in constant negotiation. Evolution Gaming Group AB officially offered to buy NetEnt AB for 19.6 billion Swedish crowns (US$2.12 billion) in stock last Wednesday. The offer represents a premium of 43% with respect to NetEnt’s closing price last Tuesday. With this, Evolution Gaming can become the owner of shares representing over 90% of the total number of outstanding shares.
The two tech giants approached negotiations with a positive attitude and high expectations. After NetEnt’s board of directors approved the offer, shareholders claimed that they would get on board, too.
If the deal goes through, the acquisition will be an all-stock transaction. Evolution Gaming will acquire NetEnt’s portfolio of interactive casino games. NetEnt’s position in the U.S. market and Evolution Gaming’s existing studios in the country will allow both companies to capitalize on the on-going gambling regulations in North America and serve a bigger customer base.