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Evolution Acquires Nolimit City in €340 Million Deal
Wednesday, 22 June 2022
Evolution AB said Wednesday that it has agreed to buy online slots games producer Nolimit City Holding Ltd in a deal valued at up to 340 million euros ($358.4 million).
Evolution, a Swedish company that provides online games and the technology behind online casinos, said it will pay EUR200 million in cash up front with additional consideration of up to EUR140 million based on Nolimit City's earnings before interest, tax, depreciation and amortisation for the years 2022, 2023 and 2024.
Nolimit City is expected to post revenue of EUR30 million and Ebitda of EUR23 million for the calendar year 2022.
The transaction will contribute positively to Evolution's 2022 earnings per share, it added.
In recent years Evolution have aqcuired the likes of Red Tiger, NetEnt and Big Time Gaming. and a wider portfolio of Evolution Ezugi, and DigiWheel.
Jonas Tegman, Co-Founder of Nolimit City. said “I cannot think of a better match between two companies then between Nolimit City and Evolution, 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, helping out with navigating towards the best slot product offering in the market.”
Completion of the deal is subject to regulatory approvals and is expected during the third quarter of 2022.