Evolution Agrees to Acquire Nolimit City for Initial £171 Million

Sweden Flag Fabric TextureEvolution have proven that there’s no limits to their ambition with their latest company acquisition.

The iGaming giant has agreed a deal to purchase the online slots developer Nolimit City for an upfront cost of £171 million, with possible add-ons of an extra £120 million based upon agreed performance targets.

If all goes to plan and regulatory approval is secured, the deal will be completed at some point in the third quarter of 2022.

A statement released by Evolution confirmed that the ‘humorous’ and ‘provocative’ approach of Nolimit City was behind their interest in the firm, and they will now be able to add slots like Karen Maneater, Punk Toilet and Tombstone RIP to their network alongside more conventional titles such as Book of Shadows, Immortal Fruits and Golden Genie.

“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,” said Evolution chairman Jens von Bahr.

“We have followed Jonas, Emil 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.”

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Nolimit will join an already stellar squad of slot developers working under the Evolution banner, with NetEnt – whom Evolution acquired for £1.7 billion back in 2020 – Red Tiger and Big Time Gaming already on their books.

The development outfit, which is based in Malta with creative teams in Sweden and India, has been one of the success stories of slot gaming in recent years, and their revenue is expected to top €30 million (around £24 million) in 2022 alone.

They have created their own ‘x’ range of in-game features, which include xWays, xNudge and xBomb, and those are available as part of tie-up agreements that Nolimit have already signed with the likes of Unibet, Mr Green and LeoVegas.

Awards like Best Slot of the Year and Slot Provider of the Year have duly followed – no wonder they found themselves in the crosshairs of the ever-growing Evolution machine.

Supply agreements penned with Poker Stars and SkillOnNet – who oversee the likes of PlayOJO, Slingo and Genting Casino – pushed the Nolimit brand forward yet further, although now they will fall under the management of Evolution’s global operation.

The co-founder of Nolimit City, Jonas Tegman, commented:

“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.”