Evolution set to Acquire Nolimit City in Multi-million Euro Deal

evolution gaming nolimit city

If you were wondering who was next on Evolution’s shopping list of studios to buy, wonder no more. Evolution, which already owns big-name developers such as Red Tiger, NetEnt, and Big Time Gaming, is now on the cusp of acquiring Nolimit City, one of the most innovative studios out there.

Starting from a fairly low-key beginning, Nolimit City has morphed into a powerhouse of fresh ideas and blazing features. The studio has shown a willingness to go where others dare not tread, creating immensely popular online slots such as San Quentin xWays, East Coast vs West Coast, Tombstone RIP, Mental, and Deadwood. Thematically provocative, while possessing one of the most irreverent senses of humour in the iGaming world, Nolimit City’s portfolio clearly caught the eye of Evolution’s acquisitions people.

In monetary terms, Evolution Malta Holding Limited has entered into an agreement to buy Nolimit City for an upfront sum of €200 million, plus earn-outs of up to €140 million. The deal involves a cash payment that could potentially be worth as much as €340 million.

About the acquisition, Evolution chairperson Jens von Behr had this to say;

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.’

Just as positive on the other side of the deal about the move, Nolimit City co-founder, Jonas Tegman, said;

I cannot think of a better match between two companies then (sic) 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 will finance the initial €200 million payment using cash at hand. The additional payments of up to €140 million are based on Nolimit City’s EBITDA (basically net income plus taxes, interest, depreciation, and amortisation) for the years 2022 to 2024 and would be payable over the years 2023, 2024, and 2025.

The deal is subject to regulatory approvals and, should all go well, is expected to be completed during the third quarter of 2022.

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