Evolution, the world’s biggest supplier of live casino software and content, has announced that its expansion on the global iGaming market will continue with the acquisition of Nolimit City, an up and coming provider of slot games.
The agreed price for the transaction is 200 million euros up front, with another 140 million euros to be paid depending on the company’s future performance in 2023, 2024 and 2025. Evolution doesn’t need to borrow money to complete the deal, the entire sum is going to be paid in cash from the company’s existing reserves.
After this deal is complete, Nolimit City will become the fourth slot games brand in Evolution’s portfolio. The Swedish company made its first step on this path in 2020 when it acquired NetEnt, which already owned Red Tiger. Moreover, last year Evolution went on to acquire Big Time Gaming, the Australian developer that came up with the extremely popular Megaways game mechanic.
Nolimit City has had pretty good financial numbers lately, and in 2022 the studio expects revenue of 30 million dollars while its earnings before interest, tax, depreciation and amortization are expected to be around 23 million euros.