Evolution Announces Acquisition of Nolimit City
Evolution, the Stockholm-listed online casino games provider, has announced that it has agreed to purchase the Malta-based slots developer Nolimit City in a deal worth up to €340 million.
In the first stage of the deal, Evolution will acquire the entire issued share capital of the studio for an upfront payment of €200 million on a cash basis. However, the deal also contains a number of earn-outs that could amount to a further €140 million, based upon Nolimit City’s EBITDA over the next three years. This year Nolimit City expects revenues of €30 million and EBITDA of €23 million.
Nolimit City has earned a great deal of respect in the industry for its high-quality slots with slightly darker themes. These include titles such as Das xBoot, Mental, and the recently released Folsom Prison.
This is the latest in a number of high-profile acquisitions undertaken by Evolution in recent years. The company owns a number of slot brands, including NetEnt, Red Tiger, and Big Time Gaming, as well as 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. 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.
Jonas Tegman, the Nolimit City Co-Founder, said that he “cannot think of a better match” than between Nolimit and Evolution, explaining that they are fully aligned in regards to “people, product, technology.”
Tegman added, “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.”