Evolution to bolster portfolio with €340m Nolimit City acquisition

Malta-based slots developer Nolimit City is set to become the sixth brand to fly under the Evolution banner after the firm was acquired for €340m (£292.68m).

The deal involves €200m cash up front, with the other €140m in earn-outs based on Nolimit City’s EBITDA over the next three years.

Nolimit City is expected to generate €30m in revenue this year, with EBITDA of €23m.

Evolution will be gaining the developer’s full suite of slot titles, including Mental, San Quentin xWays and East Coast vs West Coast.

The deal follows on from other big-name purchases by Evolution, including NetEnt and Red Tiger, and falls in line with the firm’s ethos of “being the world’s number one provider of online casino games”.

Evolution also has a wider portfolio which includes Big Time Gaming, Ezugi and DigiWheel.

The deal is expected to close by Q3 2022, subject to standard regulatory approvals.

Jens von Bahr, chairman of Evolution Gaming, 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. 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.”

At the time of writing, Evolution’s stock price was 3.31% down at SEK899.60 (£72.66).