NetEnt to Disband Jobs in Malta

Gaming provider NetEnt is expected to slash its staff in its live casino studio Qormi located in Malta as a consequence of its business was acquired by Evolution Gaming.

NetEnt's Malta workers were sent home on Tuesday morning and ordered to wait for further information.

A spokesperson for Evolution allegedly told the Malta Times that the Qormi Studio would be shut down indefinitely, leaving its staff "at risk of redundancy".

Though the company is yet to announce how many employees will lose their jobs, obviously it will be a few hundred.

In June this year, Evolution Gaming made its initial bid to buy NetEnt, for a total of SEK 19.6bn ($2.1bn). The bid priced at SEK 79.93 per share of the Swedish slots and online casino provider, with a premium of 43% over the closing price of NetEnt on the sale day.

Since the transaction was authorized last month by the UK Competition and Markets Authority, the acquisition has the requisite approvals to go forward.

Currently NetEnt has about 1,000 people employed worldwide. While some Malta workers will lose their employment, the country's Ministry of Economy said it would seek to recognize former employees' alternative jobs with help of Gaming Malta Foundation.

It is said in a Ministry's statement:

"Whilst noting the strong commitment by Evolution Gaming to its Malta operation, the Government, through the Ministry for the Economy and Industry, has immediately started discussions with the relevant entities to facilitate the smooth transition of employees who maybe at risk of being laid off
as a result of this restructuring."