Evolution has officially added yet more depth to its online casino development capabilities after the acquisition of Nolimit City officially closed.
With all regulatory approvals that the transaction was conditional upon having been received, Evolution has finalised the deal that contained the provision of an upfront consideration of €200m.
The purchase also contains a number of earn-outs that could amount to €140m, which could nudge the total consideration towards €340m, payable in cash.
Upon the deal initially being disclosed in June, Jens von Bahr, Chair of Evolution, stressed excitement at adding a suite of “truly innovative and cutting edge games”.
Previously, the company noted that this falls in line with a “strategy of being the world’s number one provider of online casino games,” with Nolimit following the previous purchases of NetEnt, Red Tiger and Big Time Gaming. The company’s wider portfolio also boasts Evolution, Ezugi, and DigiWheel.
Jonas Tegman, Co-Founder of Nolimit City, previously suggested that he “cannot think of a better match between two companies,” as well as vowing to “take on the challenge of global expansion”.
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.
Last month, Evolution disclosed that revenue through the year’s second quarter amounted to €344m, up 34 per cent from €256.7m.
The live casino and RNG segments increased 36.7 per cent and 6.1 per cent to €278.5m (2021: €203.7m) and €65.5m (2021: €53m), respectively.
In addition to documenting its financial performance through the three month period, Martin Carlesund, CEO of Evolution, said: “I very much look forward to the second half of 2022, I feel excited about all things we have in front of us.
“We want to be better, we want to deliver more, we want to run faster- that is who we are. Adding Nolimit City and the upcoming games on the 2022 roadmap will be great and we are again increasing the gap to all competitors. The world is changing but we stand strong, we continue forward.”
