Big News! - Evolution to Acquire Nolimit City for €340 Million

Evolution has entered into an acquisition agreement with the next major slots developer, Nolimit City. The transaction sees a total up-front cash payment of EUR 200 million on a debt-free basis, plus the earn-out payments for 2023-2025 that will amount to a maximum of EUR 140 million. Completion of the transaction is conditional upon receipt of regulatory approvals and is expected during Q3 2022.

Evolution’s strategy of being the world’s number one provider of online casino games is being reaffirmed each year. The group has made substantial acquisitions since 2018. One of the most recent additions to the company’s portfolio is Big Time Gaming, which amounted to EUR 450 million and was announced a year ago. That big news, in turn, followed the announcement made in 2020, where Evolution made its entry into the slots business by acquiring NetEnt, including Red Tiger, for a staggering EUR 1.87 million!

Nolimit City is a private company with around 100 people working in offices in Sweden, Malta and India. According to published estimates, the studio’s revenue is expected to amount to EUR 30 million with an EBITDA of EUR 23 million for the calendar year 2022. Boasting very high brand awareness in the industry, Nolimit City is also regarded as the hottest game provider in many markets worldwide and is, therefore, another crown jewel for the ever-growing Evolution group.

In a press conference call, Evolution’s CEO, Martin Carlesund, was positive about adding brilliant new minds to the Evolution team and other synergies, including benefitting from the group’s one-stop shop for operators worldwide. The acquisition may also lead to a combination of popular games from different developers, featuring the unorthodox themes and Nolimit’s equally bespoke game mechanics such as xWays and xSplit.

Some of Nolimit City’s most popular games include San Quentin, Fire In The Hole, Deadwood, and Punk Rocker. They can all be characterised by bold concepts and very high risk/reward that cater to the so-called high-end player. Be sure to read about some of their most popular slots under our Nolimit City tag.

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.”

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 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.”