Evolution AB's wholly owned subsidiary, Evolution Malta Holding Limited, has entered into an agreement to acquire the entire share capital of Nolimit City for an upfront consideration of €200m on a cash and debt free basis, with earn-outs of up to €140m based on Nolimit City's EBITDA for the next three years.
We must mention that Nolimit City is a producer of slot games with sometimes provocative themes and a humorous touch. Its contents offer users a unique and graphically rich gaming experience as seen in the successful Mental, San Quentin, and East Coast/West Coast.
This new acquisition by Evolution is in line with their growth goals to provide their customers with the best gaming content. With Nolimit City, Evolution expands its portfolio of slot brands that already includes NetEnt, Red Tiger, and Big Time Gaming.
Regarding this acquisition, Jens von Bahr, Chairman 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 have 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.”
While, Jonas Tegman, Co-Founder of Nolimit City, expressed: “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 vertical slot 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 revenue is expected to amount to € 30 million with an EBITDA of € 23 million for the calendar year 2022. The Transaction will contribute positively to 2022 EPS for the Evolution Group.
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