Evolution, a Swedish company that provides online games and the technology behind online casinos, said it will pay €200 million in cash up front with additional consideration of up to €140 million based on Nolimit City's earnings before interest, tax, depreciation and amortisation for the years 2022, 2023 and 2024.
Nolimit City is expected to post revenue of €30 million and Ebitda of €23 million for the calendar year 2022. The transaction will contribute positively to Evolution's 2022 earnings per share.
In recent years Evolution have aqcuired the likes of Red Tiger, NetEnt and Big Time Gaming. and a wider portfolio of Evolution Ezugi, and DigiWheel.
Jonas Tegman, Co-Founder of Nolimit City, said: “I cannot think of a better match between two companies then 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,” Tegman added.
Completion of the deal is subject to regulatory approvals and is expected during the third quarter of 2022.
Source: GMB
