Nolimit City Becomes Part of Evolution
Evolution, the live dealer provider, has completed its purchase of Nolimit City, the slots developer, in a deal that will be worth up to €340 million.
It was announced in June that Evolution has reached an agreement to acquire the slots studio for an initial €200 million and then a further €140 million that is dependent on performance in 2023, 2024, and 2025.
Evolution said that the entire cost, including the potential future payments, will be met from the company’s existing cash reserves.
Nolimit City is the fourth slots studio to be purchased by Evolution, following on from NetEnt (in 2020), which owned Red Tiger. In April last year, Evolution purchased Big Time Gaming, the studio best known for the Megaways mechanic.
According to Evolution, revenue from Nolimit City will reach €30 million this year and earnings before interest, tax, depreciation and amortization forecast will be around €23 million.
When the acquisition was announced, 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.”
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.