CMA gives Evolution go ahead to complete NetEnt acquisition

By Iqbal Johal

Evolution has received approval from the UK Competition and Markets Authority (CMA) to complete its proposed acquisition of NetEnt.

The supplier, who specialises in live casino, announced it made an offer in June to purchase Red Tiger owner NetEnt, in a deal worth SEK 19.6bn ($2.26bn), subject to competition approval.

The Malta Competition and Consumer Affairs Authority approved the acquisition in September, with the CMA now following suit, after concluding an investigation to whether the deal would reduce competition in the UK gaming market.

That means the supplier has the necessary competition approvals to go ahead with the deal.

NetEnt shareholders, who back the acquisition, have until 20 November to accept the offer which Evolution hopes will be made unconditional on 23 November, with settlement expected to commence on 1 December, although the supplier said it reserves the right to extend both timeframes.

Explaining the offer, an Evolution spokesperson told Gambling Insider back in June that “the merger of Evolution’s leading position in live casino with NetEnt’s strong position in slots will create a best-in-class B2B provider with capacity to drive the digitalisation of the global gaming industry.”

In October, Evolution posted a 48% year-on-year rise in revenue up to €140m ($165.9m) for Q3 2020.

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