Evolution to acquire Nolimit City in €340m deal

Last updated on 22nd Jun 2022 by Charlie Vogelsang

Nolimit City is set to be acquired by Evolution

Evolution, a Stockholm-listed iGaming company, is set to grow its game portfolio with the acquisition of the slot developer Nolimit City in a deal worth up to €340m.

Nolimit City is one of the most controversial and in-demand slot developers at the moment with recent no wagering casinos added the developer such as PlayOJO, Pokerstars Casino and kwiff Casino.

Extending Evolution's portfolio

Evolution will acquire the entire shared capital of Nolimit City for an upfront consideration of €200m in cash and debt-free basis with earnouts of up to €140m based on Nolimit City’s EBITDA (Earnings before interest, taxes, depreciation and amortization) for the next three years.

In the past couple of years, Evolution bought Big Time Gaming and NetEnt making the iGaming company a titan within the industry. This acquisition of Nolimit City only enhances Evolution's offering as Nolimit City is an award-winning slot developer and a fan-favourite amongst enthusiasts.

"Established a completely new style of slot games," says Evolution

“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.

He added: “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.”

"We are fully aligned," says Nolimit City

“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,” said Nolimit City co-founder Jonas Tegman.

He concluded: “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 this transaction is conditional upon regulatory approvals and is expected during Q3 of 2022.