Evolution Gaming Group AB has moved to buy the share capital of leading game developer Nolimit City. The initial payment of €200 million may be complemented with a further €140 million based on yearly performance over the next three terms in a deal worth up to €340 million.
Since 2013, Nolimit City fans will have bore witness to a meteoric rise to fame of the edgy developer, that pushed the boundaries of slot design with daring, innovative game mechanics and provocative themes on titles such as San Quentin xWays, Deadwood and Mental.
The addition of Nolimit City to Evolution’s portfolio furthers its ambition of becoming the number one casino gaming provider, and the Nolimit City team join the likes of Big Time Gaming, NetEnt, and Red Tiger Gaming.
Evolution Gaming Chairman, Jens von Bahr, explained:
“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.”
And Nolimit City Co-Founder Jonas Tegman confirmed:
“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 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.”
Evolution expects to complete the acquisition of Nolimit City during the third quarter of 2022. Additional payments of up to €140 million will be based per annum on Nolimit City’s previous year’s performance, with the final amount in 2025.