Game provider Evolution has announced that it’s entered into an agreement to acquire developer Nolimit City.
According to reports, Evolution – formally Evolution Gaming – will acquire Nolimit City for an upfront consideration of €200 million with earn-outs of up to €140 million, which could increase the total consideration to €340 million.
Nolimit City is a slot developer located around the world that has released a slew of slots with provocative themes and groundbreaking gameplay mechanics, including its xFeatures.
A press release from Evolution states that the acquisition is in line with the company’s strategy of “being the world’s number one provider of online casino games”, and it comes after the firm acquired other studios like Ezugi, Red Tiger Gaming, NetEnt, and, most recently, Big Time Gaming.
Jens von Bahr, the Chairman at Evolution, said of the agreement: “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.
“We have followed Jonas, Emil, and their team for a few years and [have] 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.”
Nolimit City Co-founder Jonas Tegman added: “I cannot think of a better match between two companies than 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.”