After announcing the acquisition deal in June, Evolution has completed the Nolimit City takeover. Evolution AB has entered into an agreement to acquire the entire issued share capital of Nolimit City Holding Ltd for a consideration payable in cash.
All regulatory approvals required for the transaction are finished, which completes the acquisition. Evolution is already a large gaming company and now has even more to offer its customers and partners via the agreement.
Quick Deal Completion
The deal was announced in late June by Evolution, announcing that up to €340 million ($357 million) would be spent in the Nolimit City acquisition. An official press release detailed the arrangement, which was expected to close by late September. The deal was set to include an initial cash consideration of €300 million ($210 million) and then earn-out remunerations.
At the time, Chairman of Evolution Gaming Limited, Jens Von Bahr, commented that Nolimit City was an innovative and world-leading producer of online slot gaming content. The target developer will fit in nicely with other providers in the brand’s collection including Red Tiger and Big Time Gaming.
Von Bahr pointed out that the addition of Nolimit City will extend the brand’s portfolio with cutting-edge games from top brands within the industry. Evolution has followed the team of Nolimit City for quite some time and has been impressed at the style of games the group creates.
More on Nolimit City and Evolution
Nolimit City was created in 2013 by Jonas Tegman and Emil Svard. The company has a portfolio of over 50 video slot games including the latest titles Karen Maneater and Folsom Prison. The company is expected to see an earnings total of around $24.2 million before interest, tax, depreciation, and amortization by the end of the year.
For Evolution, the company develops, produces, markets, and licenses B2B online casino solutions for gaming operators worldwide. Created in 2006, Evolution is a leading B2B provider with over 600 operators within its customer list.
The group has over 15,000 employees located in studios in Europe and North America. The parent company of Evolution is set in Sweden and is listed as EVO within the Nasdaq Stockholm exchange.
Evolution has licensing via the Malta Gaming Authority and is available in several countries including the United Kingdom, Romania, Belgium, South Africa, and Canada. It will be interesting to see how the brand utilizes the Nolimit City acquisition in the coming months as its latest addition to the large portfolio of gaming content.