Evolution completes acquisition of Nolimit City, further expanding slot brands portfolio

Evolution on Monday said it has completed the acquisition of Nolimit City, a producer and developer of online slot games, as all regulatory approvals that the transaction was conditional upon have been received.

The transaction deal for Evolution Malta Holding Limited to acquire the entire issued share capital of Nolimit City Holding Ltd was announced on June 22, and included an upfront consideration of EUR 200 million on a cash and debt-free basis.

Evolution said then that the consideration is financed from cash at hand. In addition, Evolution may pay earn-out payments in cash based on Nolimit City’s EBITDA for the years 2022, 2023 and 2024, respectively. With earn-outs of up to EUR 140 million, the total consideration can amount to up to EUR 340 million, payable in cash.

"Nolimit City games stand out and offer players a unique, graphically rich playing experience," Evolution stated in June. Nolimit City titles include games such as Mental, San Quentin and East Coast/West Coast. The company has offices in Malta, Stockholm (Sweden), and Gurugram (India).

Nolimit City office in Sliema, Malta

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

Jens von Bahr, Chairman of Evolution, spoke about this acquisition and 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," added von Bahr. "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, added: "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," Tegman concluded.

Nolimit City's revenue is expected to amount to EUR 30 million with an EBITDA of EUR 23 million for the calendar year 2022.