Evolution has added yet another string to its igaming bow after entering into an agreement to acquire Nolimit City for an upfront consideration of €200m.
Furthermore, the transaction also contains a number of earn-outs that could amount to €140m, which could nudge the total consideration towards €340m, payable in cash.
The company notes that this falls in line with a “strategy of being the world’s number one provider of online casino games,” and follows past purchases made during recent years of NetEnt, Red Tiger and Big Time Gaming. The company’s wider portfolio also boasts Evolution, Ezugi, and DigiWheel.
“With the addition of Nolimit City to the Evolution family we extend our portfolio of truly innovative and cutting edge games from the top brands and game makers in the industry,” noted Jens von Bahr, Chair of Evolution.
“We have followed Jonas, Emil and their team for a few years and been impressed as they have established a completely new style of slot games. I am proud that yet another of the very best minds in our industry has chosen to join the Evolution network.”
Nolimit City revenue is expected to amount to €30m with an EBITDA of €23m for the calendar year 2022. The transaction is expected to contribute positively to 2022 EPS for the Evolution Group.
“I cannot think of a better match between two companies then between Nolimit City and Evolution, we are fully aligned in terms of people, product, technology and how to get the job done,” stated Jonas Tegman, Co-Founder of Nolimit City.
“The slot vertical is under massive change, and we can’t wait to take on the challenge of global expansion together with Evolution, helping out with navigating towards the best slot product offering in the market.”
