Evolution acquires Nolimit City for €340m

By Louis Thompsett

Evolution has acquired Nolimit City, paying €200m ($210.4m) upfront for the online slot games producer, with an additional €140m to be paid in earn-outs. This culminates in a total payable cash amount of €340m for all shares in Nolimit City.

Evolution says its acquisition aligns with its strategy to supply customers with "the best" gaming content. Games Evolution will obtain from Nolimit include Mental, San Quentin and East Coast/West Coast.

Nolimit joins a range of other game developers in Evolution's portfolio, including NetEnt, Red Tiger and Big Time Gaming.

Nolimit hopes its merger with Evolution will help it reach its expected revenue of €30m and an EBITDA of €23m for the calendar year 2022. 

The transaction is also expected to contribute positively to 2022 EPS for the Evolution Group. 

This is not entirely unexpected news, either. In November last year, Gambling Insider anticipated a new acquisition for Evolution in 2022, following its purchase of NetEnt in 2020 for a sizeable $2.1bn, and its $450m Big Time Gaming purchase in 2021.

It seems Evolution remains intent on keeping up its strategy of strengthening its portfolio with more game providers.

Evolution Chairman, Jens von Bahr, said: "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.

"We have followed Jonas, Emil and their team for a few years and have 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.”

Jonas Tegman, Nolimit City Co-Founder, added: “I cannot think of a better match between two companies than between Nolimit City and Evolution, we are fully aligned in terms of people, product, technology and how to get the job done.

"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.”

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