Payable in cash and Evolution shares, the total up-front consideration payable is €220m, with Evolution to pay earn-out payments based on Big Time Gaming’s EBITDA for the years 2022/23 and 2023/24. The earn-out payments will amount to a maximum of €230m, and are payable in 2023 and 2024.

“Completion of the transaction is conditional upon receipt of regulatory approvals and is expected during Q2 2021,” a statement from Evolution read.

Evolution chairman Jens von Bahr said: “With the addition of Big Time Gaming to our portfolio of slot brands we strengthen our strategic position as the leading provider of digital casino games in the world.

“Big Time’s focus on innovation and creating unique playing experiences is a great fit with our culture and mindset at Evolution. We look forward to continuing our journey together.”

Big Time Gaming’s titles include Bonanza and Extra Chilli, with the company reporting revenue and EBITDA of €33m and €29m respectively for the calendar year 2020.

Big Time Gaming CEO Nik Robinson added: “Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits our players.”