Evolution Begins NetEnt IntegrationPublished December 13, 2020 by Sol FH
Following the successful acquisition, Evolution Gaming begins the integration of NetEnt assets across all platforms.
Evolution Gaming, the Live Dealer specialists recently acquired iGaming giants NetEnt. Last week, Evolution began integration and a complete reorganization of NetEnt, including the closure of its live dealer operations. Evolution acquired EntEnt in a USD$2.30bn deal, one of the biggest in iGaming history.
Evolution's management has assumed all operational oversight of NetEnt assets, but, NetEnt CEO Therese Hillman will stay onboard to support the total integration before she leaves the role during the first quarter of 2021.
One of the first moves has been to close NetEnt's live dealer section, something that Evolution has said would "have consequences" for NetEnt business support departments.
One of the biggest goals will be to reduce running costs by €30m per year. Evolution will hold the names of the individual brands under NetEnt, including the Ezugi and Red Tiger brands.
This all comes following Evolution's extended acceptance period for NetEnt shareholders to back the acquisition, as Evolution now holds 96.8% of the outstanding shares, and 98.6% of votes, in NetEnt business.
This takeover is one of the biggest in iGaming history and will surely put Evolution at the top of the ladder. NetEnt stakeholders are set to make lucrative cash on the buyout but also given options for Evolution shares at a highly discounted rate.
NetEnt has requested that its shares be removed from the Nasdaq Stockholm exchange and the final day of trading will soon be announced once the Exchange accepts the request.
Evolution Gaming was and is one of the biggest operators and developers of iGaming content. Prior to the buyout, they were focused on live dealer games and control that vertical of the market. Now, they will be able to focus on all aspects of iGaming content as NetEnt has churned out the top slot and table games in the industry since opening its doors.