Evolution Gaming Acquires NoLimit City
Evolution Gaming Announced the Acquisition of NoLimit City
Leading live dealer game supplier Evolution Gaming has officially acquired game developer NoLimit City, by paying €200m ($210.4m) upfront, with an extra €140m to be paid in earn-outs. This sum totals up to a payable cash amount of €340m for all existing shares in NoLimit City.
Evolution Gaming has gone on to say that its acquisition aligns with its strategy to provide players with the best available gaming content. With this acquisition, Evolution will also acquire games such as East Coast/West Coast, Mental and San Quentin.
NoLimit City has succeeded in creating a diverse range of games that come packed with a provocative theme and sometimes a touch of humour.
This was not unexpected news either. It has been noted as late as November last year, that a new acquisition was on the horizon for Evolution, following its acquisition of NetEnt in 2020 and Big Time Gaming in 2021.
Speaking of this latest deal, Evolution Chairman, Jens von Bahr, 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.”
This merger will help Evolution to reach its expected revenue of €30m and an EBITDA of €23 in 2022.
Jonas Tegman, NoLimit City Co-Founder, stated: “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.”