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You no longer need to wonder who is next on Evolution's list of purchases. Nolimit City, one of the most innovative and creative studios out there, is about to be acquired by Evolution, a company that has already acquired other popular brands like NetEnt, Red Tiger, and Big Time Gaming.
Nolimit City, which had a very low-key beginning, has grown into a powerful hub of innovative concepts and ground-breaking features. By developing hugely popular online slots like San Quentin xWays, Tombstone RIP, East Coast vs. West Coast, Mental, and Deadwood, the company has demonstrated a willingness to venture where others fear to step.
Nolimit City's portfolio undoubtedly drew the attention of Evolution's acquisitions staff because of its provocative themes, and one of the most irreverent senses of humour in the online gaming industry.
Nolimit City will be acquired by Evolution Malta Holding Limited for an initial payment of €200 million with potential earn-outs of up to €140 million. The acquisition includes a cash payment that might be worth up to €340 million.
Speaking about the acquisition, Evolution chair Jens von Behr stated that;
‘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 his part, Nolimit City co-founder, Jonas Tegman, mentioned that;
‘I cannot think of a better match between two companies then (sic) 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.”
The first €200 million payment will be financed by cash on hand by Evolution. Based on Nolimit City's EBITDA (simply net income and taxes, interest, depreciation, and amortization) for the years 2022 to 2024, the future payments of up to €140 million will be made throughout the years 2023, 2024, to 2025.
If everything goes according to plan, the transaction, which is pending regulatory approvals, should be finalised in the third quarter of 2022.