Evolution has completed the acquisition of Nolimit City, adding the studio brand to its portfolio. Evolution is expanding and diversifying as a game firm. The most recent step in this direction is clearly shown by the acquisition of the manufacturer of online slot machines.
If you were curious about which studio Evolution might acquire next, you need look no further. Already possessed by Evolution are Red Tiger, NetEnt, and Big Time Gaming. They are set to acquire one of the most creative studios in the industry, Nolimit City.
Jonas Tegman and Emil Svard founded Nolimit City in 2013. The company’s most current video slot games are Karen Maneater and Folsom Prison. After the current fiscal year, the company expects to earn approximately $24.2 million before interest, taxes, depreciation, and amortization.
The Chairman of Evolution Game Limited, Jens Von Bahr, stated at the time that Nolimit City was a creative and world-leading online slot gaming content supplier. The brand’s other developers, such as Red Tiger and Big Time Gaming, will collaborate nicely with the in-question developer.
The deal
Evolution has completed the acquisition of Nolimit City, as announced in June. Evolution AB has agreed to purchase all outstanding Nolimit City Holdings Ltd shares for cash.
Evolution asserts that the purchasing power will be utilized to pay for the entire purchase, including future payments.
It further states that the acquisition aligns with its strategy to provide clients with the “greatest” gaming content. Nolimit, in return, will create games like Mental, San Quentin, and East Coast/West Coast for Evolution.
Von Bahr stated that adding Nolimit City to the brand will provide it with more cutting-edge games from industry experts. Evolution has been monitoring the Nolimit City squad for quite some time, and the team’s games have impressed Evolution.
All government approvals required for the transaction have been obtained, concluding the acquisition. This transaction provides Evolution, a significant gaming firm, with much more to offer its customers and business partners.
Evolution is licensed by the Malta Gaming Authority and is available in Canada, the United Kingdom, Romania, and Belgium. In the following months, it will be intriguing to observe how the brand integrates the Nolimit City acquisition into its vast gaming portfolio.
The much-expected merger
Nolimit City has evolved from humble beginnings into a powerhouse of innovative concepts and cutting-edge features. San Quentin xWays, East Coast vs. West Coast, Tombstone RIP, Mental, and Deadwood are some of this company’s most popular online slots.
Evolution designs, manufactures, markets, and licenses B2B online gambling solutions for gaming operators worldwide. Evolution has been in business since 2006, and it is a well-known B2B service with over 600 clients.
The corporation has approximately 15,000 employees in studios across Europe, North America, and elsewhere. The Swedish corporation that owns Evolution trades under the symbol EVO on the Nasdaq Stockholm exchange.
The portfolio of games from Nolimit City piqued the interest of Evolution’s acquisitions team due to its thought-provoking themes and one of the most irreverent senses of humor in the iGaming business.
Evolution announced at the end of June that it would acquire Nolimit City for up to €340 million (about $350 million). The agreement was described in an official press statement, and its completion was anticipated by September.
The arrangement stipulated an upfront cash payment of €300 million ($210 million) followed by payments based on the business’s success.
Nolimit will be the fourth brand of slots offered by Evolution. When the corporation purchased NetEnt in 2020, it marked its entry into the industry. Last year, Evolution acquired Big Time Gaming, famed for its Megaways gaming system.
Nolimit City is well-known for its unique design of slot games and the fact that it produces fewer games than many of its competitors. This appears to be consistent with Evolution’s goal after acquiring NetEnt, which was to minimize the number of new games released each year.
Last Updated on by Ryan
