Evolution’s NetEnt takeover granted CMA seal of approval
UK competitions regulator greenlights major supplier deal which now looks set to complete on 1 December
The Competition and Markets Authority (CMA) has approved Evolution’s takeover of NetEnt as the final hurdles are cleared on the £1.6bn deal.
An investigation into the combination began in September but was prolonged due to the impacts of Covid-19, which led to an extension of the offer acceptance period to 20 November.
Approval by the CMA follows a similar investigation by the Malta Competition and Consumer Affairs Authority which was concluded in September.
“Assuming that the offer is declared unconditional no later than around 23 November 2020, settlement is expected to commence around 1 December 2020,” said Evolution in a statement.
“Evolution reserves the right to extend the acceptance period for the offer and to postpone the settlement date.”
Evolution, which dropped Gaming from its brand name in October, has expressed its aim of becoming a world leader in online gaming on the casino and slots supply chain.
Evolution reported a 48% increase in operating revenue during Q3 to €140m, alongside an 87% increase in company EBITDA.
The live casino giant’s US operations enjoyed a particularly strong Q3, after the supplier concluded a deal with FanDuel and successfully launched online live casino operations in Pennsylvania in partnership with Caesars Entertainment.