Evolution to Acquire Nolimit City
Evolution, a world-leading iGaming behemoth, has agreed to purchase Nolimit City. Acquiring the share capital of one of the most prominent developers in the industry will cost €200m upfront. With added earn-outs of about €140m, the entire transaction might be worth up to €340m. Nolimit City is the most innovative and fruitful developer at the moment, which has created its own unique style. The company is not afraid to tackle challenging and provocative subjects. They are famous for a unique graphically rich gaming experience in such games as East Coast/West Coast, Mental and Karen Maneater.
Evolution’s strategy amounts to being the developer number one in the industry, providing the customers with premium content. This way, the company expands its already-rich game library and a portfolio of leading brands. Its network already includes names like Big Time Gaming, Red Tiger and NetEnt. The company was founded in 2006 and has had grand ambitions since its inception. It has evolved into a world-leading provider with over 600 operator clients and more than 13,000 people employed. Becoming one of the biggest iGaming names was not easy, but they got there and now plan to remain on top.
Terms and Conditions
The €200m upfront part of the transaction is on a debt-free and cash basis, financed from presently available funds. The earn-outs Evolution will pay based on Nolimit City’s EBITDA for this year and the following two. Moreover, the total value amounts to €140m, payable over the next three years. Evolution has the necessary licenses from multiple relevant jurisdictions, including Malta, the UK, Canada, Belgium, South Africa, Romania, etc. Its further expansion plans encompass Europe and North America intending to maintain the number one position. The competition is serious, but Evolution does not plan to stop advancing.
It is expected for the transaction to be completed upon regulating the required approvals during Q3 2022. Both companies have great expectations from this acquisition, already voicing their excitement about the process. Everyone expects collaboration to bring multiple long-term benefits. Jens von Bahr, Chairman of Evolution, has said the acquisition of Nolimit City would help his company grow. Evolution must cooperate with top brands and game creators to be innovative and expand its portfolio with cutting-edge titles. They have followed Nolimit City for years, watching them establish their unique style. The Evolution network is much richer now such a company has joined its pool.
A Match Made in Heaven
Nolimit City officials share the excitement, saying this is the best moment for the acquisition to happen. Furthermore, the two companies are a great match with shared ambitions and aligned technologies. Jonas Tegman, Co-Founder of Nolimit City, has noted they cannot wait to face the challenge of expansion. Together with Evolution, they will try to offer the best slots in the industry during the following years. The expected revenue for NLC is €30m with an EBITDA of €23m for 2022, with the transaction positively influencing 2022 EPS for Evolution.
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