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Evolution In Agreement To Acquire Nolimit City In €340 Deal

Evolution In Agreement To Acquire Nolimit City In €340 Deal

Published on by Ben

Powerhouse casino games provider Evolution continues to consolidate its position as a frontrunner within the iGaming industry with recent news of plans to acquire Nolimit City in an agreement worth €340 million. Evolution will pay an initial €200 million up front, with a further €140 million to be dependent on Nolimit City’s EBITDA (Earnings before interest, taxes, depreciation and amortisation) over the next three years – 2023 – 2025. Completion of the transaction is conditional upon receipt of regulatory approvals and is expected during the third quarter of 2022.

This acquisition underpins Evolution’s goal to supply its global audience with the best gaming content available, which has seen several leading providers, including NetEnt, Red Tiger and Big Time Gaming, realise the merits of operating under the Evolution umbrella in recent years.

What Does This Mean For NetEnt?

Since joining Evolution in 2020, NetEnt has maintained a steady stream of high-quality online slot releases, which definitively proves the decision to become part of the Evolution family hasn’t interfered with the studio’s growth. In fact, with even more sources to draw ideas, technologies and expertise from, NetEnt has thrived.

The acquisition of Nolimit City won’t introduce any obstacles that are likely to hinder NetEnt’s current momentum either. If anything, it will help NetEnt to continue developing high-quality online slots with fresh mechanics that will appeal to the global market. You’ve only got to take a look at NetEnt’s 2022 Roadmap to see how the provider utilises every asset available to create games that consistently receive plaudits from fans and experts alike. So, now with another sister studio under the Evolution umbrella, we strongly suspect NetEnt will continue to go from strength to strength.

Nolimit City & the Future of Online Slots

Nolimit City is an innovative, world-leading developer of online slots that cemented its market presence via a portfolio of games that frequently include provocative, yet humorous, themes and never-seen-before mechanics and features. Titles such as San Quentin xWays, East Coast Vs. West Coast and Mental have introduced players to a new era of slot gaming, packed full of unique features, extreme volatility and immense payout potential, and there’s no sign of the studio’s set of team imaginative skills running dry.

Clearly, Evolution realises the value of such a studio, at a time when the genre is becoming saturated with comparable games and over-used features. Therefore, the decision to bring Nolimit City into the fold is with the aim to bring the genre into a new era and rejuvenate the slots vertical.

As Evolution chairman, Jens von Bahr, said: “With the addition of Nolimit City to the Evolution 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 have been impressed as they have established a completely new style of slot games. I am proud that yet another of the very best minds in our industry has chosen to join the Evolution Network”.

Nolimit City Co-Founder, Jonas Tegman, added: “I cannot think of a better match between two companies than between Nolimit City and Evolution. We are fully aligned in terms of people, product, technology and how to get the job done”.

“The slots 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 slots product offering in the market”.

So, with both studios sharing the same ideology and mindset for the future of online slots, it’s evident that this merger will not only herald a new dawn for the online slots genre, but also for the iGaming industry as a whole – we wait with bated breath to see what sort of innovation lies on the not-so-distant horizon.

Ben Boland

Ben Boland

Content Writer

Like his chum James, Ben is another bearded Brit that has made the transition from formal journalism training to the beautifully claustrophobic Mediterranean island of Malta. There he is a Content Writer for NetEnt Casino, ensuring that all utterances are legible and – most importantly – accurate.

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