It has been announced today that the acquisition of gaming corporation NetEnt by Evolution has been cleared by the UK Competition and Markets Authority with full details of the decision to be published at a later date.
The non-ministerial government department in the United Kingdom has been investigating the anticipated acquisition by gaming giant and live casino specialist Evolution since 22nd September 2020 when the merger inquiry was launched.
The transaction is currently under investigation to see whether or not the acquisition would impact competition within the region’s active industry.
The Competition and Markets Authority is responsible for carrying out studies and investigations for such mergers along with investigating possible breaches of prohibitions against anti-competitive agreements under the Competition Act 1998.
Evolution, formerly branded as Evolution Gaming, stated:
‘The CMA has today, on November 16, 2020, announced its approval of Evolution’s acquisition of NetEnt.
Consequently, the condition regarding the receipt of all necessary competition approvals has been fulfilled.
The other conditions for completion of the offer, which are included in the offer document that was published on August 20, 2020, remain unchanged and are still applicable.
The acceptance period for the offer expires on November 20, 2020.
Assuming that the offer is declared unconditional no later than around November 23, 2020, settlement is expected to commence around December 1, 2020.
Evolution reserves the right to extend the acceptance period for the Offer and to postpone the settlement date.’
When the merger was put forward, the NetEnt board recommended shareholders that they vote for the merger that will see Evolution offer 0.1306 shares for each NetEnt share priced at approximately 7.02 Pound sterling.