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Malta – Evolution agrees deal to buy Nolimit City

By - 23 June 2022

Evolution AB’s wholly owned subsidiary, Evolution Malta Holding Limited, has entered into an agreement to acquire the entire issued share capital of Nolimit City Holding Ltd for an upfront consideration of €200m. With earn-outs of up to €140m the total consideration can amount to up to €340m, payable in cash.

Nolimit City is a truly innovative, world-leading producer of online slots games that has created its own niche in the market through games with sometimes provocative themes and a humorous touch. Nolimit City games stand out and offer players a unique, graphically rich playing experience. Nolimit City titles include award-winning games such as Mental, San Quentin and East Coast/West Coast.

The acquisition is in line with Evolution’s strategy of being the world’s number one provider of online casino games, supplying its customers with the best gaming content. With the Nolimit City brand, Evolution extends its portfolio of world leading slot brands that already includes NetEnt, Red Tiger and Big Time Gaming.

Jens von Bahr, chairman, Evolution, 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 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, Nolimit City, said: “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.”

Nolimit City revenue is expected to amount to €30 million with an EBITDA of €23m for the calendar year 2022. The Transaction will contribute positively to 2022 EPS for the Evolution Group.

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