Evolution AB (publ) its wholly owned subsidiary, Evolution Malta Holding Limited, («Evolution») has entered into an agreement to acquire the entire share capital issued in Nolimit City Holding Ltd (“Nolimit City”).
The pre -amount will be 200 million euros, but in addition the price may be an additional 140 million euros higher. The total framework for the agreement therefore comes up to EUR 340 million (approximately NOK 3.57 billion at today's price). The amount is paid in cash.
The acquisition fits Evolutions strategy
The acquisition of Nolimit City fits into Evolutions long -term strategy of becoming a world leader in online casino games.. Evolution has been the absolute number one among live game developers for years, but wants more. In the past they also bought Big TIme Gaming, NetEnt and Red Tiger Gaming.
With the Nolimit City portfolio, Evolution has a strong resource to strengthen its position in the online slot machines market. Nolimit City is known as an innovative game developer in the industry, with often original and volatile new slots.
Evolution will get the developer's full series of slot machines including top games as Punk Rocker, Mental, San Quentin xWays og East Coast vs West Coast.
Evolution and Nolimit City are looking forward to a good cooperation
-With Nolimit City, we expand our portfolio with innovative and groundbreaking games from top brands and game producers in the industry, explains Evolution Director Jens von Bahr about the deal, and continues:-We have followed Jonas, Emil and their team (Nolimit City) and is impressed with how they created a whole new style with Slot machines.
Nolimit City-Med Gründer Jonas Tegman "can't even imagine a better match between two companies" and looks at the future with confidence:
- We are looking forward to joining Evolution to take on the challenge with global expansion and help you navigate to best online slot machines on the market.
Due to ordinary government approvals, the official acquisition is not expected until the third quarter of 2022.
Sources:
- Evolution Press release
- Nolimit City news
- EGR Global