Evolution Group completes acquisition of NoLimit City studio
After announcing the acquisition of NoLimit City last June Evolution has completed the acquisition of the Stockholm, Sweden-based studio. Earlier this summer, Evolution AB reached an agreement to acquire the entire share capital of NoLimit City Holding Limited.
Today we learn that as part of the takeover deal, all required regulatory approvals have been obtained, completing the acquisition of the studio behind games such as Karen Maneater and Punk Toilet by the specialist live casino games provider. By now, it is clear that Evolution is a behemoth of the iGaming scene with a dizzying array of assets and B2B products to offer to online casino operators in the various regulated markets around the world!
Evolution buys out the entire share capital of NoLimit City
Announced at the end of June 2020, the agreement for Evolution to buy out NoLimit City has now been finalized. The total cost of the acquisition of the development studio renowned for its high-quality, controversial slot machines amounts to 350 million euros. A press release issued by both parties detailed the transaction, which is expected to be finalized in September.
A few months earlier, Evolution Gaming Limited CEO Jens Von Bahr had expressed his desire to buy NoLimit City, a studio he considers innovative and whose content could be complementary with that of other brands owned by the group, including Red Tiger Gaming and Big Time Gaming.
” NoLimit City’s games will expand our portfolio with cutting-edge slot machines, some of the best in the industry. We have been following NoLimit City for a long time and have always been impressed by the style of their productions and the remarkable boldness of the studio. “said Evolution’s president and CEO.
NoLimit City: a great asset for Evolution Gaming Limited
Founded in 2013 by Jonas Tegman and Emil Svard, NoLimit City has already developed more than 50 video slots, the best known of which is probably Folsom Prison. In the current fiscal year, NoLimit City is expected to generate a total profit of approximately $24.2 million before interest, taxes, depreciation and amortization.
By acquiring the assets of NoLimit City, Evolution will further consolidate its dominance in the iGaming market. Today, the group has more than 15,000 employees in a large number of studios in Europe and North America. The parent company is based in Stockholm – as is NoLimit City – and is listed as EVO on the NASDAQ exchange in the Swedish capital.