TLDR Evolution AB authorized a €2 billion share buyback program, one of the largest in its history, to reduce share capital and return excess cash to shareholders The company secured a €300 million revolving credit facility with JP Morgan and Citibank Europe as backup liquidity during the repurchase period Under Swedish law, Evolution can repurchase up to 19.9 million shares, roughly 10% of outstanding shares, and may cancel shares to make room for more buybacks The buyback follows a Q1 earnings report showing growth driven by North and Latin America rather than Europe, with 48% of revenue from regulated markets Evolution faces ongoing legal proceedings in New Jersey and a UK Gambling Commission investigation, though the company denies wrongdoing in both cases
Evolution AB announced a €2 billion share buyback program on Tuesday, marking one of the largest capital return efforts in the gaming technology company’s history. The Swedish-listed supplier also secured a €300 million revolving credit facility to maintain liquidity during the repurchase period.
The buyback was authorized by the board following shareholder approval at Evolution’s annual general meeting on April 24. The company said the purpose is to optimize its capital structure by reducing share capital and creating added value for shareholders.
Repurchases will be carried out on Nasdaq Stockholm or other regulated markets. An independent investment firm or credit institution will handle the timing of trades without direct input from Evolution.
Buyback Structure and Legal Limits
Under Swedish corporate law, Evolution is capped at holding no more than 10% of its issued shares at any time. With 199,226,613 shares currently outstanding and zero treasury shares held, the company can buy back up to 19,922,661 shares under this restriction.
The program is permitted to run until the full €2 billion ceiling is used or until