In June, Evolution announced that it had reached an agreement to purchase Nolimit for an initial €200m, with a further €140m dependent on future performance in 2023, 2024 and 2025.
Evolution will pay for the acquisition in cash from existing reserves and Nolimit City will be the fourth brand under Evolution’s slots portfolio.
In 2020, Evolution acquired NetEnt and then acquired Big Time Gaming in April of the same year.
Evolution predicts that Nolimit City will generate €30m in revenue in 2022, with estimated earnings before interest, tax, depreciation and amortisation of €23m.
Evolution chairman Jens von Bahr expressed excitement about the addition of Nolimit City to the company’s portfolio of innovative games and top brands.
Nolimit City co-founder Jonas Tegman emphasized the strong alignment between Nolimit City and Evolution in terms of people, product, technology, and work approach.
Nolimit City’s unique slot games style and less frequent releases correspond to Evolution’s strategy for NetEnt, where the number of new game releases per year was reduced.
Tegman expressed enthusiasm for the challenge of global expansion alongside Evolution and their joint pursuit of the best slot product offering in the market.
