Online casino games provider Evolution has announced that it has agreed to acquire Malta-based slot developer Nolimit City in a cash deal that could be worth up to €340 million.
The deal will see Evolution buy the entire issued share capital of Nolimit City for an initial €200 million in cash. The agreement also includes potential earn-outs of up to €140 million based on the company’s EBITDA over the next three years.
The acquisition of the casino games studio Nolimit City will see Evolution add to its portfolio of slot brands that includes Red Tiger, NetEnt, and Big Time Gaming.
Speaking of the acquisition, 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. 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 co-founder Jonas Tegman went on to add:
“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.”
Nolimit City is expected to generate revenue of €30 million in 2022, with an EBITDA of €23 million.
The deal is subject to regulatory approval and is expected to be finalized some time during Q3 of 2022.
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