Live-dealer online casino games developer Evolution Gaming Limited has announced the inking of a deal that is to see it spend up to €340 million ($357 million) so as to buy fellow Maltese iGaming innovator Nolimit City Holding Limited.
The pioneer used an official press release (pdf) to declare that the entire arrangement could be completed by the end of September subject to the ‘receipt of regulatory approvals’ and is to begin with an initial cash consideration of €300 million ($210 million) before an analogous trio of earn-out remunerations that could together top out at €140 million ($147 million).
Established in 2006, Evolution Gaming Limited explained that it is licensed by regulators in jurisdictions including Malta, Canada, Romania and the United Kingdom and offers its portfolio containing well over 50 mobile-friendly live-dealer titles to some 600 iGaming operators around the world. The Stockholm-listed innovator pronounced that the decision to purchase Nolimit City Holding Limited fits with its already-established policy of ‘being the world’s number-one provider of online casino games’ as well as its ambition to supply partners with ‘the best gaming content.’
Jens Von Bahr serves as the Chairman for Evolution Gaming Limited and he used the press release to describe Nolimit City Holding Limited as ‘a truly innovative and world-leading producer of online slot games’ often coming complete with ‘provocative themes and a humorous touch.’ The experienced professional moreover stated that the target developer is destined to fit right in with its other subordinates including Big Time Gaming Proprietary Limited, NetEnt AB and Red Tiger Gaming Limited as its titles ‘stand out and offer players a unique and graphically-rich playing experience.’
Read a statement from Von Bahr…
“With the addition of Nolimit City Holding Limited to our family, we extend our portfolio of truly innovative and cutting-edge games from the top brands and game makers in the industry. We have followed Jonas, Emil and their team for a few years and been impressed as they have established a completely new style of slot game. I am proud that yet another of the very best minds in our industry has chosen to join our network.”
Nolimit City Holding Limited was established by iGaming entrepreneurs Jonas Tegman and Emil Svard in 2013 and currently offers a portfolio of over 50 mobile-friendly video slots including the recently-premiered Punk Toilet, Folsom Prison and Karen Maneater titles. The United Kingdom and Malta-licensed firm noted that its earnings before interest, tax, depreciation and amortization for the twelve months to the end of December are expected to exceed €23 million ($24.2 million) off of some €30 million ($31.5 million) in aggregated revenues.
A statement from Tegman read…
“I cannot think of a better match between two companies as we are fully aligned in terms of people, product, technology and how to get the job done. The slot vertical is under massive change and we can’t wait to take on the challenge of global expansion together with Evolution Gaming Limited and help it to navigate towards the best slot product offering on the market.”