Evolution, an industry-leading online casino content supplier, has entered a deal to acquire Nolimit City. One of the most innovative, cutting-edge providers is to become a part of Evolution’s expanding portfolio. Obtaining the share capital of the rapidly-growing company will be worth €200m upfront and about €140m in earn-outs. Hence, the entire transaction should amount to around €340m and be completed in Q3 2022. Nolimit City has developed its own singular style over the years, becoming one of the boldest iGaming developers in the industry. It is well-known for not being afraid of complex subjects, as shown in the games like San Quentin, Mental and Karen Maneater.
Evolution continues the quest to be the number-one supplier in the industry, delivering top-notch content to its punters. With this transaction, the company enriches its library with another famous brand. If we know its network already contains behemoths like NetEnt Big Time Gaming and Red Tiger, the enterprise’s ambitions are logical. Since its founding in 2006, Evolution has grown into a world leader with 600 partners among operators worldwide. More than 13,000 employees ensure the company stays on top, but it was not an easy process to get there.
The Transaction to Come
The €200m amount is the upfront debt-free and cash sum that will be given from the funds already available. Evolution will pay the €140m earn-outs based on the bought company’s EBITDA for 2022, 2023 and 2024. Moreover, the entire value will be possible to deliver within three years. Evolution has already obtained the required licenses from numerous relevant jurisdictions, including Malta, the UK, Romania, Canada, Belgium and South Africa. It has plans to expand further to Europe and North America, delighting fans all over the globe with its world-class content.
The takeover is expected to be complete in Q3 2022, with both companies having enormous expectations. The cooperation should bring tremendous things to both companies, with officials already expressing their excitement. Jens von Bahr, Chairman of Evolution, has noted this purchase will aid his enterprise in achieving its long-term goals. To continue its advancement, Evolution has to collaborate with top brands and creative developers and improve its library with game-changing titles. After following Nolimit City for years, he is convinced this partnership will bring that to Evolution. NC has developed some cutting-edge titles over the last few years, and he is happy such a company has joined Evolution’s network.
Perfect Partnership
Nolimit City has officially confirmed that its representatives share similar feelings over the acquisition. They say this is the most appropriate moment for such a purchase, voicing their conviction it will bring multiple benefits. Everyone agrees the two companies are a match made in heaven, with aligned technologies and shared ambitions. Jonas Tegman, Nolimit City Co-Founder, has added they are impatient to expand with a partner with a clear vision of growth. The challenge is to create the best slots in the market and present them to fans everywhere. In addition, the anticipated revenue for the company amounts to €30m, and an EBITDA for the current year is €23m.