Evolution has expanded its roster of igaming brands via the addition of Nolimit City as the firm enters into an agreement to acquire the slot studio for upfront proposal of €200m.
In addition to the upfront consideration, the transaction also contains various earn-outs that could total to €140m, potentially nudging the total towards €340m, payable in cash.
Jonas Tegman, Co-Founder of Nolimit City, explained: “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.
“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.”
Evolution noted that the acquisition of its purchase 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 will contribute positively to 2022 EPS for the Evolution Group.