Billionaire to Sell Up to $658 Million of Evolution Gaming Stock
(Bloomberg) -- Evolution Gaming Group AB’s top shareholder Richard Livingstone is selling stock worth as much as 5.91 billion kronor ($658 million) in the Swedish company, according to deal terms reviewed by Bloomberg.
The British billionaire, who currently owns a 16.4% a stake, is selling 8.5 million shares in an accelerated offering via Morgan Stanley, according to the terms. Evolution Gaming, one of the world’s biggest online casino platforms, closed at 695 kronor on Monday, bringing the stock’s gains to 140% this year.
A number of large shareholders have taken advantage of rebounding equity markets to book a profit from so-called lockdown winners, or businesses that have thrived as a result of stay-at-home measures to contain the coronavirus pandemic.
The company, which last month made public an offer to buy its smaller rival NetEnt AB in a deal worth $2.1 billion, has benefited more than most from months of lockdowns across much of the world, as people increasingly rely on online entertainment to fight boredom.
Evolution’s market value has more than doubled this year, while the global games market is projected to grow nearly 10% in 2020. The company licenses gaming software and offers simulated live casino table games.
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