Back in September, the Competition and Markets Authority (CMA) in the UK has launched an inquiry regarding the merger between Swedish online casino content providers Evolution Gaming and NetEnt in order to determine what effect this mega-deal will have on competition in the local gambling industry. After a thorough investigation, the CMA finally gave them the green light.
On Monday, November 16, Evolution Gaming announced that the CMA has given their approval to the multi-billion deal, which entails their acquisition of online casino supplier NetEnt, valued at SEK19.6 billion (approx. $2.1 billion).
The United Kingdom is a central market for both Evolution (specializes in Live Casino products) and NetEnt (has an assorted portfolio which includes table games, online slots and live casino products).
Getting the CMA's approval was one of the final hurdles that Evolution had to clear so they can complete the merger deal. As part of the assessment, the CMA asked interested parties to submit their comments on the proposed acquisition by October 5, and the UK watchdog stated it would issue its decision by November 16, which they eventually did.
Another regulator, the Malta Competition and Consumer Affairs Authority, had also approved the deal in late September.
Acceptance Period Extended
Evolution Gaming offered SEK19.6 billion to purchase NetEnt in June, and they expected their bid to be accepted by NetEnt by October 26 and that the merger would be finalized by November 2.
After clearing the CMA probe, Evolution extended the acceptance period for the offer "up to and including" November 20. That means NetEnt must announce its decision on whether it would join the Evolution family before the week ends.
The Live Casino provider earlier said that it expects its partnership with NetEnt to "create a company well positioned to take significant market shares" thanks to Evolution's strong presence in the live casino market and NetEnt's solid presence in the online slots sector.
Other than that, both gaming companies are well-positioned to pursue further expansion opportunities in the fast-growing regulated US iGaming market.
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Source: https://www.gamblinginsider.com/news/10410/cma-gives-evolution-go-ahead-to-complete-netent-acquisition
