The world leader in developing Live Casino Games, Evolution just completed a deal that saw them taking over NetEnt after winning 98.6% of the votes and having 96.8% of NetEnt outstanding share. It was a transaction that was confirmed just before the Evolution offer acceptance was going to expire.
Buying Out the Remaining Shares
After the brand change, which was just two months ago, the new company will continue doing business with the name Evolution. Furthermore, it will offer various online casino games and content from Evolution, Red Tiger, Ezugi, and now NetEnt. Evolution made an offer of $2.2 billion in June to acquire NetEnt.
The UK Markets Authority and Competition finally approved the transaction last month, after a strict two-month review to know whether the move will have a drawback on the country’s online gambling market. Additional approval was obtained from Maltese regulation on September 29, 2020.
The acceptance period kicked off on August 17 and was supposed to expire before the end of October, so Evolution initially intended to seal the deal before November 2.
After the recent updates, Evolution gaming being the leading producer of live dealer games, announced that they had started a compulsory buy-out procedure as per the Swedish Companies Act. The motive behind this move was to take complete control of NetEnt’s remaining shares.
During that same time, the leading developer of casino games also requested that its share was delisted from Nasdaq Sweden. According to reliable sources, the last day for trading will be disclosed when the stock exchange make their final decision.
NetEnt Live Goes Out of Business
Proceeding with creating a better company, Evolution has begun the rebranding of NetEnt, which should be fully unleashed in its full integration. With other things, the management of Evolution will also take control of NetEnt’s operation.
Again, the rebranding and restructuring are geared toward creating more slot games, which led to the closing of NetEnt Live.
However, Evolution said that its new measures are following previous goals. According to a recent post, this new development will have a pronounced impact on various business support units within its firm.
Nevertheless, Therese Hillman, who happens to be the current Chief Executive Officer of NetEnt, will still hold her position to oversee Evolution’s integration and its new company NetEnt until May 2021, when she will leave the office.
According to Live Casino experts, Evolution’s new company “NetEnt” will have a massive market presence in the casino industry.
Reference: https://livecasino24.com/evolution-closes-netent-live-after-completing-netent-deal/
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