Type
Merger/Acquisition
Country
Malta
Region
Malta;
Location of affected unit(s)
Qormi
Sector
Arts / Entertainment
Arts, Entertainment And Culture
Gambling And Betting Activities
92 - Gambling and betting activities

284 jobs
Number of planned job losses
Job loss
Announcement Date
11 December 2020
Employment effect (start)
17 December 2020
Foreseen end date

Description

NetEnt, the Swedish online gaming company, has announced 284 layoffs in Qormi.

The news follows the NetEnt acquisition by Evolution Gaming Group. 

General Workers Union (GWU) intervention allowed to save 40 employees, in comparison with the initial 324 layoffs set by NetEnt. Moreover, GWU managed to secure a better severance package for those made redundant.

NetEnt's layoffs, who employs around 1,000 people worldwide, are part of a cost reduction plan, that aims to save €30 million. Finally, a further 60 employees are also expected to be absorbed by gaming and financial services operators in Malta. 


Sources

Citation

Eurofound (2020), NetEnt, Merger/Acquisition in Malta, factsheet number 102970, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102970.