Evolution Agrees €340 Million Deal to Acquire Nolimit City

Online casino games provider Evolution has announced that it has agreed to acquire Malta-based slot developer Nolimit City in a cash deal that could be worth up to €340 million.

The deal will see Evolution buy the entire issued share capital of Nolimit City for an initial €200 million in cash. The agreement also includes potential earn-outs of up to €140 million based on the company’s EBITDA over the next three years.

The acquisition of the casino games studio Nolimit City will see Evolution add to its portfolio of slot brands that includes Red Tiger, NetEnt, and Big Time Gaming.

Nolimit City is expected to generate revenue of €30 million in 2022, with an EBITDA of €23 million.

The deal is subject to regulatory approval and is expected to be finalized some time during Q3 of 2022.