Evolution set to acquire Nolimit City for up to €340 million

The purchase will see Evolution pay an upfront consideration of €200m for the business

Nolimit City Holding Ltd., a world-leading producer of online slot games, will be acquired by Evolution AB in a deal worth up to 340 million Euros.

With an additional consideration of up to 140 million Euros based on Nolimit City‘s earnings before interest, tax, depreciation, and amortisation for the years 2022, 2023, and 2024, Evolution, a Swedish company that provides online games and the technology behind online casinos, said it will pay 200 million Euros in cash upfront.

The purchase is consistent with Evolution‘s business plan of being the leading provider of online casino games and giving its clients the greatest gaming materials. Evolution adds the Nolimit City brand to its lineup of well-known slot game brands, which currently include NetEnt, Red Tiger, and Big Time Gaming.

Evolution stated that the brand is “a truly innovative, world-leading producer of online slots games that have created its own niche in the market through games with sometimes provocative themes and a humorous touch.”

Jens von Bahr, the chairman, of Evolution, elaborated on this saying “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.”

Commenting on this acquisition, Nolimit City Co-Founder, Jonas Tegman said “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.”

For the calendar year 2022, Nolimit City is anticipated to report revenue of 30 million Euros and EBITDA of 23 million Euros. The deal will increase Evolution’s earnings per share in 2022, it was claimed. The transaction is anticipated to be completed in the third quarter of 2022, subject to regulatory approvals.

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