Evolution is set to acquire Nolimit City for a maximum of €340 million.
Evolution, a prominent live dealer company, has consented to purchase slot creator Nolimit City for a total of up to €340 million, further enhancing its footprint in the slots industry.
Evolution will provide an initial payment of €200 million, with an additional €140 million contingent upon performance in 2023, 2024, and 2025. The entire amount will be disbursed in cash, sourced from current reserves.
Nolimit City will become the fourth brand inside Evolution's slots portfolio. In 2020, the company entered the sector by acquiring NetEnt, which owns Red Tiger. In the previous year, Evolution bought Big Time Gaming, the provider renowned for the Megaways mechanic.
Similar to the acquisition of Big Time Gaming, Evolution highlighted Nolimit City’s effective profit margins. The enterprise anticipates revenue of €30 million in 2022, with earnings before interest, tax, depreciation, and amortisation projected at approximately €23 million.
The acquisition aligns with Evolution's vision to become the premier provider of online casino games, delivering superior gaming content to its clients, stated the Evolution board.
Evolution chairman Jens von Bahr expressed great admiration for the innovative contributions made by Nolimit City to the industry.
“The incorporation of Nolimit City into the Evolution family enhances our collection of genuinely innovative and avant-garde games from leading brands and developers in the industry,” stated von Bahr. “We have monitored Jonas [Tegman], Emil [Svärd], and their team for several years and have been impressed by their establishment of an entirely novel style of slot games.” I am happy that yet another exceptional intellect in our sector has opted to join the Evolution network.
Tegman, cofounder of Nolimit City, stated that the two companies are completely united in their strategic approach.
“I cannot conceive a more suitable partnership between two companies than that of Nolimit City and Evolution; we are entirely synchronised regarding personnel, product, technology, and execution,” he stated. The slot vertical is undergoing significant transformation, and we eagerly anticipate the opportunity to collaborate with Evolution in addressing the challenges of global expansion, facilitating the development of the premier slot product offering in the market.
In its latest financial reports, Evolution disclosed sluggish earnings from their current slots portfolio. Although its primary live-dealer offerings grew by 44.3% in Q1, revenue from its RNG segment increased by 19.3%. Nonetheless, this RNG expansion was predominantly inorganic, resulting from the acquisition of Big Time Gaming. On a comparable basis, RNG revenue increased by merely 1.8%.
The acquisition's completion is contingent upon regulatory approvals and is anticipated in the third quarter of 2022.
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