evolution_to_acquire_nolimit_city_for_e340m_Stockholm’s Evolution AB, the publicly traded parent company of wholly-owned subsidiary Evolution Malta Holding Limited announced late last week that the subsidiary had entered into an agreement for a full buyout of premium online casino game developer, NoLimit City.

The transaction could be worth as much as €340m with an initial cash payment of €200m and potential cash earnout payments of an additional €140m. No shares were offered in the all-cash deal.

The acquisition follows Evolution’s long-term strategy to become the world’s premier supplier and provider of online casino games. Evolution began as a live dealer casino game provider and eventually acquired NetEnt, Red Tiger, and Big Time Gaming, the innovator and license owner for all Megaways slot games.

The addition of NoLimit City is a perfect match as the studio has created its own niche in the gaming space with innovative and sometimes humorous slots in a variety of maths models. The games offer well-developed graphics, themes, and animations and the portfolio includes well-known titles such as San Quentin, East Coast/West Coast, and the high volatility player favorite, Mental.

Highlights of the Deal and Strategy

It’s unclear if the development will change Evolution’s 2022 game release roadmap which was already on track to release 88 new games between all of the brands.

Evolution’s chairman, Jens von Bahr commented: “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


The deal is expected to be positive regarding earnings per share for the calendar year with NoLimit City contributing €30m in revenue with an EBITDA of €23m for the year.

Co-Founder of Nolimit City, Jonas Tegman 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.”

Financing the Deal – All Cash

Evolution will pay out €200m in debt-free cash and make the payment from cash at hand. In the next three following years, another €140m could be paid out based on Nolimit City’s EBITDA for 2022, 2023, and 2024 with those payments due and payable in 2023, 2024, and 2025.

A full readout of the terms can be found on the Evolution website in PDF format (here).

The acquisition is expected to take place in the third quarter of this year upon regulatory approvals. NoLimit City currently holds certifications and licenses from the Malta Gaming Authority, the Gambling Commission in Great Britain, the ONJN of Romania, and is under license in Ontario, Canada by AGCO.

Source: Evolution has entered into an agreement to acquire Nolimit City, EU Gaming, June 22, 2022

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