Acquisition of Nolimit City finalized by Evolution for €340 million
In a significant move for the iGaming industry, Evolution Gaming has announced the acquisition of Nolimit City, an iGaming software developer, for a total of €340 million. The acquisition, which is subject to legal and regulatory approvals, includes an initial payment of €200 million and future earn-outs totaling an additional €140 million.
The acquisition of Nolimit City is part of Evolution Gaming's strategy to become the top iGaming provider in the market. Speaking about the acquisition, the CEO of Nolimit City, Martin Carlesund, stated that the company is delighted to be welcomed to the Evolution family.
The growth period for Nolimit City over the last quarter is considered significant, with the company's revenue increasing from nearly €257 million to €344 million. The nearly 35% expansion in Nolimit City's revenue is likely due to the announcement of the acquisition agreement.
Martin Carlesund also mentioned that Nolimit City is looking forward to the next few months of the year. He expressed his excitement about the opportunities that the acquisition presents for both companies, and the potential for further growth and innovation in the iGaming industry.
Evolution Gaming has a history of making high-profile acquisitions, such as the purchase of NetEnt in 2020. The acquisition of Nolimit City is a strategic move for the company to strengthen its position in the iGaming market and expand its portfolio of games and services.
The transaction involving the acquisition of Nolimit City is not yet finalized, as it is subject to legal and regulatory approvals. However, the acquisition is expected to have a positive impact on Nolimit City, as it will provide the company with the resources and support it needs to continue growing and innovating in the iGaming industry.
The CEO of Evolution Gaming, Martin Stern, expressed his enthusiasm for the acquisition, stating that Nolimit City's innovative and creative approach to game development complements Evolution Gaming's own focus on innovation and quality. He believes that the acquisition will help Evolution Gaming to offer an even more diverse and exciting range of games to its customers.
In conclusion, the acquisition of Nolimit City by Evolution Gaming is a significant move in the iGaming industry. The acquisition will provide Nolimit City with the resources and support it needs to continue growing and innovating, while Evolution Gaming will benefit from the addition of Nolimit City's innovative games and services to its portfolio. The acquisition is expected to have a positive impact on both companies and the iGaming industry as a whole.
