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Evolution to acquire Nolimit City for up to €340m

Evolution to acquire Nolimit City for up to €340m

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Evolution has again underlined its intention further expand its presence in the slots sector by agreeing to acquire developer Nolimit City, for up to €340m.

The deal will be all-cash, with an initial consideration of €200m, with a further €140m dependent on performance over the next three years.

Nolimit City will be the fourth brand to join the Evolution slots portfolio with the company previously acquiring NetEnt, which also owned Red Tiger) and Big Time Gaming, creators of the Megaways mechanic.

Nolimit City is a very profitable entity. 2022 revenues are expected to be in the region of €30m, with profits before interest, tax, depreciation and amortisation around €23m.

Jens von Bahr, Chairman of Evolution, is impressed by the level of innovation that Nolimit City have brought to the space: “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 Tegman, Emil Svärd 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.”

Jonas Tegman, co-founder of Nolimit City, describes two businesses as fully aligned on strategy: “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,” he said. “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.”