Evolution confidently steps forward to acquire Nolimit City in a lucrative multi-million euro transaction.

You don't need to guess anymore about Evolution's next strategic move. Soon, Nolimit City—known for being a truly innovative and daring studio —will become part of the Evolution family. Evolution has previously broadened its empire by acquiring renowned names like NetEnt , Red Tiger , and Big Time Gaming , showing its commitment to diversity and growth.

From its humble beginnings, Nolimit City has risen to become a powerhouse of originality, launching games that defy norms and captivate audiences. Their standout online slots like San Quentin xWays, Tombstone RIP, and Deadwood display their eagerness to innovate where others hesitate.

Nolimit City's portfolio It was Nolimit City's bold approach to themes and their cleverly irreverent style that caught the keen eyes of Evolution's acquisition specialists, highlighting their unique position in the online gaming arena .

Evolution Malta Holding Limited has orchestrated the takeover of Nolimit City with an initial payout of €200 million. This includes a potential full sum of €340 million, accounting for possible earn-outs.

Jens von Behr, the chair of Evolution, elaborated on the acquisition:

‘Integrating Nolimit City into the Evolution family enriches our roster of truly groundbreaking titles from elite brands and developers. Having observed Jonas, Emil, and their exceptional team for years, we're truly impressed with their novel slot game styles. I'm thrilled to welcome yet another visionary team to our Evolution network.’

Jonas Tegman, Nolimit City’s co-founder, shared:

‘There couldn’t be a more perfect synergy than that between Nolimit City and Evolution. We share a unified approach in terms of team structure, product innovation, technology, and execution. With the rapid changes in the slot game industry, we're eager to tackle global expansion alongside Evolution, aiming to lead the market with top-tier slot offerings.’

Evolution plans to finance the upfront €200 million from its cash reserves. The remaining payout of up to €140 million is contingent on Nolimit City meeting specific EBITDA targets from 2022 to 2024, with distributions happening between 2023 and 2025.

Provided that all regulatory conditions are met, they aim to wrap up the transaction by the third quarter of 2022.