Evolution AB Stockholm, a wholly owned subsidiary of Evolution Malta Holding Limited, announced late last week that the subsidiary had entered into a contract for the full purchase of NoLimit City’s premium online casino games.

The transaction is valued at € 340 million with an initial payment of € 200 million and a potential cash payment of € 140 million. No shares were offered in the all-cash transaction.

The acquisition follows Evolution’s long-term strategy of becoming the world’s top supplier and provider of online casino games. Evolution started as a casino game provider with a live dealer and eventually acquired NetEnt, Red Tiger, and Big Time Gaming, the inventor and licensor of all Megaways slot games.

Added from City NoLimit It is a perfect match because the studio has created its own place in the game space with innovative and sometimes humorous slots in a variety of mathematical models. These games offer advanced graphics, themes, and animations, and the collection includes well-known titles such as San Quentin, East Coast / West Coast, and the player’s favorite game with high swings. Mental.

Trading Highlights and Strategies

It is unclear whether this development will change the release plan for 2022 Evolution, which was previously on track to release 88 new games among all brands.

Evolution CEO Jens von Bahr said:With the addition of Nolimit City to the Evolution family, we are expanding our collection of truly innovative and advanced games from the top brands and players in the industry. We have been following Jonas, Emile and their team for several years [have]

They were impressed because they created a whole new style of slot game. I’m proud that one of the best minds in our industry has chosen to join the Evolution network

The deal is expected to be positive in terms of earnings per share for the calendar year, with NoLimit City earning € 30 million with EBITDA of € 23 million per year.

Jonas Tagman, co-founder of Nolimit, added:I can not think of a better match between the two companies than Nolimit City and Evolution, we are perfectly coordinated in terms of people, product, technology and how it works. The vertical gap is changing exponentially, and we can not wait to meet the global expansion challenge with Evolution and move towards the best slot product on the market.

Transaction financing – all cash

Evolution will pay € 200 million in cash without debt and will pay in cash. Over the next three years, another € 140 million will be payable under the Nolimit City EBITDA for 2022, 2023, and 2024 with these payments in 2023, 2024 and 2025.

The full terms can be read on the Evolution website in PDF format (Here).

The purchase is expected to be made in the third quarter of this year with regulatory approvals. NoLimit City is currently licensed and licensed by the Malta Gaming Organization, the UK Gambling Commission, ONJN Romania and licensed in Ontario, Canada by AGCO.

Source: Evolution for the city of NolimitEU Game, 22 June 2022

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