Evolution has officially completed the acquisition of Nolimit City, as the igaming giant adds the supplier to its roster of studio brands.
Following the regulatory approvals announced in June, in which the deal was conditional upon, the purchase of Nolimit has been finalised 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.
At the time of entering into an agreement with Nolimit, Jens von Behr, Chair of Evolution, stated: “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 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.”
At the time, Evolution stated that its now finalised acquisition 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.
Moreover, Nolimit City’s Co-Founder, Jonas Tegman, lauded the merger, stating that he “cannot think of a better match between two companies,” as well as vowing to “take on the challenge of global expansion”.
Last month, Evolution disclosed that revenue through the year’s second quarter amounted to €344m, up 34 per cent from €256.7m.
In addition to documenting its financial performance through the three month period, Martin Carlesund, CEO of Evolution, expressed: “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.”