Evolution acquired Nolimit City by paying €200 million upfront to the online slot developer, with an additional €140 million to be paid later on. This results in a total of €340 million for all Nolimit City shares.
Evolution says the acquisition aligns with its strategy of providing customers with the "best" gaming content. Games Evolution will get from Nolimit include Mental, San Quentin and East Coast/West Coast.
“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 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.” – Jens von Bahr, chairman, Evolution
“I cannot think of a better match between two companies then 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.” – Jonas Tegman, Co-Founder, Nolimit City
The newest developer hopes that its merger with Evolution will help it achieve its expected revenue of €30 million and an EBITDA of €23 million for calendar year 2022.
The transaction is also expected to contribute positively to Evolution Group's 2022 total revenue.
This is not entirely unexpected news. In November of last year, some outlets anticipated a new acquisition of Evolution in 2022, following its 2020 purchase of NetEnt for $2.1 billion, and its purchase of Big Time Gaming for $450 million in 2021.
The company continues with the intention of maintaining its strategy of strengthening its portfolio with more game providers.