Evolution to Acquire NoLimit City in a deal worth up to €340 million. NoLimit City will become the fourth slot brand owned by Evolution. (Image from Sora Shimazaki at pexels.com)
Continuing on its path to global domination, Evolution has just released a press release confirming that the pioneering live casino firm has entered into an agreement to acquire the leading slot development firm, NoLimit City. That agreement will see Evolution Malta Holding Limited, a subsidiary of Evolution AB, acquire the full share capital of NoLimit City Holding Ltd in a deal worth up to €340 million. That agreement is for an upfront payment of €200 million and up to €140 million in earn-outs.
Evolution is already regarded as the undisputed leader of the live casino vertical but has been making big moves to diversify its casino offerings over the years. NoLimit City will become the fourth slot development company acquired by Evolution in recent years. Evolution first acquired NetEnt, a company that itself had previously acquired Red Tiger Gaming.
The company followed that up with the purchase of Big Time Gaming, a slot brand renowned for developing and leasing out the hugely popular ‘Megaways’ reel modifier mechanic. Throw in the acquisition of Ezugi, one of Evolution’s earliest live casino competitors, and it is clear that the firm has been busy scooping up some of the iGaming industry’s biggest talent over the years.
Completion of the deal: Assuming regulatory approvals, Evolution is expected to complete the transaction to acquire NoLimit City at some point during Q3 of 2022.
Why NoLimit City? Somewhat Controversial but Also Highly Innovative!
Evolution does just buy up any development company. They have to show that they have the same drive for innovation and uniqueness. This showed with the acquisition of NetEnt, a brand that is widely recognised as one of the best and biggest slot developers in the industry. As a part of that deal, Evolution also acquired Red Tiger Gaming, another brand that is renowned for creating innovative slot titles. Ironically, Red Tiger and NetEnt were joint winners of the 2022 EGR B2B ‘Slot Supplier’ Award last week.
Big Time Gaming is another brand that is renowned for its innovative nature. The firm is always looking to develop the next big thing when creating slots. Big Time Gaming achieved this on a major scale by developing the ‘Megaways’ reel mechanic that can create up to hundreds of thousands of ways to win. If you play video slots, you will know just how popular that mechanic is. BTG now leases it out to other developers and is the reason there are so many Megaways slots at the online casinos.
So where does NoLimit City fit into all this? Well, this iGaming firm is not afraid to go where others do not. The company has essentially created its own niche, because of offering somewhat controversial and provocative themes when developing its slots. However, while there is often a backlash about some of their titles, they always prove popular with the players. They are different from the cut-and-paste themes we see hundreds of times repeatedly. Only NoLimit City would even think of developing slots such as Karen Maneater, a slot themed around a serial killer who eats her victims. Other controversial titles include Remember Gulag and the graphically violent Tombstone R.I.P.
Themes aside, NoLimit City is also renowned for creating a graphically rich playing experience that offers engaging gameplay and a host of innovative bonus features. Evolution will have followed the success of NoLimit City in recent years and noted how the firm has quickly become a favourite with slot fans.
Jens von Bahr, Evolution’s Chairman stated:
By adding NoLimit City into the Evolution family, we will now have yet another innovative brand to add to our portfolio. We have kept an eye on the team at NoLimit City for some time and have always been impressed with the quality and innovation they have shown.
Jonas Tegman, the Co-Founder of NoLimit City said:
A global expansion between Evolution and NoLimit City is like a match made in heaven. We look forward to working with Evolution in an ever-changing slot vertical and cannot wait to collaborate with the company as we continue our mission to create the best slot games in the market.
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