Malta-based Evolution gaming has agreed to acquire Stockholm-based Nolimit City for up to €340 million ($359 million) beginning with a down payment of €200 million with further payments tied to future performance over the next three years.
Nolimit City will become Evolution’s fourth slots brand. It previously acquired NetEnt, which owns Red Tiger. In 2021 it acquired Big Time Gaming.
The board said in a statement: “The acquisition is in line with Evolution’s strategy of being the world’s number one provider of online casino games, supplying its customers with the best gaming content.”
Evolution Chairman Jens von Bahr added, “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.” He added, “We have followed Jonas Tegman, Emil Svärd and their team for a few years and 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.” He added, “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.”
