If you were speculating about which developer Evolution might target next, you can now rest easy. The gaming titan, already the owner of major names like Red Tiger , NetEnt , and Big Time Gaming , is now on the cusp of acquiring Nolimit City Nolimit City stands out as one of the most creative forces in the industry.
From humble beginnings, Nolimit City has transformed into a significant player known for its innovative concepts and standout features, bravely venturing where others wouldn't. Their hugely popular online slots are full of unique themes and edgy humor, catching the attention of Evolution's acquisition team. San Quentin xWays , East Coast vs West Coast , Tombstone RIP , Mental , and Deadwood In financial terms, Evolution Malta Holding Limited has struck a deal to purchase Nolimit City with an initial payment of €200 million and additional earn-outs of up to €140 million over time, summing up the deal to potentially €340 million.
Regarding the acquisition, Jens von Behr, the chairperson of Evolution, expressed enthusiasm by stating,
‘Incorporating Nolimit City into our Evolution family allows us to enhance our collection of innovative games, crafted by leading brands and developers. We've admired Jonas, Emil, and their team for several years, impressed by their groundbreaking approach to slot games. Having such a visionary team join us is a moment of pride for Evolution.’
Similarly optimistic about the merger, Jonas Tegman, co-founder of Nolimit City, remarked;
‘The synergy between Nolimit City and Evolution is unparalleled; our visions in terms of people, products, and technology are closely aligned. As the slot industry undergoes major changes, we are eager to face these challenges alongside Evolution, working towards offering top-tier slot products on a global scale.’
Evolution plans to cover the initial €200 million payment utilizing available cash reserves. The additional payments, which could reach up to €140 million, depend on Nolimit City’s financial performance measured by EBITDA from 2022 to 2024, and are scheduled for disbursement in 2023, 2024, and 2025.
This transaction requires approval from regulatory bodies and, if everything proceeds smoothly, is anticipated to finalize by the third quarter of 2022.
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