Evolution to Enrich Presence by Obtaining Nolimit City

Evolution Malta Holding Limited has secured a deal to acquire the full issued share capital of Nolimit City Holding Ltd for an initial consideration of EUR 200 million. Based on the earn-outs of up to EUR 140m, the full consideration can reach up to EUR 340 million, available in cash.

The developer is an innovative company and one of the most successful producers of online slots in the market. It has created special games by specializing in its own niche while delivering interesting themes and engaging content. The brand’s titles stand out and provide players a special, graphically extensive player experience. Some of the best releases from the company are Mental, San Quentin, and East Coast/West Coast.

The takeover is in line with Evolution’s plan of being the top provider of online casino content providing customers with the top gaming solutions. Thanks to Nolimit, Evolution will extend its suite of leading slot companies that already involves NetEnt Red Tiger, and Big Time Gaming.

Nolimit City’s revenue is expected to reach EUR 30m along with an EBITDA of EUR 23m for the calendar year 2022. The Transaction will have a positive contribution to the 2022 EPS for the Evolution Group.

The up-front consideration to be covered by Evolution in this Transaction is EUR 200m on a cash and debt-free basis. Moreover, Evolution may cover earn-out payments in money, based on Nolimit City’s EBITDA for the periods 2022, 2023, and 2024. The earn-out compensations will amount to a total of EUR 140 million, payable in 2023, 2024, and 2025.

Speaking on the latest milestone, Jens von Bahr, chairman at Evolution 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 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.” 

On the other side, Jonas Tegman, Co-Founder at Nolimit City says that he cannot think of a better fit between two brands than between Nolimit City and Evolution, as they are fully aligned in terms of people, products, technology, and how to finish the job. The slot category is under regular change, and they can’t wait to take on the challenge of worldwide expansion together with Evolution, supporting them with navigating towards the best slot production in the market.

Source: “Evolution has entered into an agreement to acquire Nolimit City”. European Gaming. June 22, 2022.