Evolution to acquire Nolimit City in €340m deal

22nd June 2022 9:03 am GMT
Red Tiger

Stockholm-listed casino games provider Evolution is set to expand its game portfolio with the acquisition of Malta-based slot developer Nolimit City in a deal worth up to €340m.

Evolution will acquire the entire issued share capital of the award-winning studio 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.

The acquisition is in line with Evolution’s strategy of supplying its customers with the best gaming content, with Nolimit City’s titles including games such as Mental, San Quentin and East Coast/West Coast.

With the Nolimit City brand, Evolution extends its portfolio of slot brands that already includes NetEnt, Red Tiger and Big Time Gaming.

“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,” said Evolution chairman Jens von Bahr. “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 expects to generate revenue €30m in 2022, with an EBITDA of €23m.

“I cannot think of a better match between two companies then between Nolimit City and Evolution, we are fully aligned in terms of people, product, technology and how to get the job done,” said Nolimit City co-founder Jonas Tegman. “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.”

Completion of the transaction is conditional upon receipt of regulatory approvals and is expected during Q3 2022.

Shares in Evolution AB (STO:EVO) were trading 2.67 per cent lower at SEK905.60 per share in Stockholm earlier Wednesday.

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