Evolution has announced the completion of a €340 million ($347 million) transaction to purchase online slot machine product Nolimit City. [Image: Shutterstock.com]
Aggressive acquisition strategy
Evolution’s aggressive takeover strategy in the online casino space has led the Stockholm-based brand to add Nolimit City slots to its roster after closing a deal worth up to €340 million ($347 million).
For 200 million euros ($204 million) in cash in advance
The total price for the final acquisition, announced in a press release on Monday, consists of €200 million ($204 million) in cash, plus earned cash flow associated with Nolimit’s 2022, 2023 and 2024 EBITDA of a maximum of €140 million (143). Million dollars). Malta-based Nolimit City took to Twitter on Tuesday to announce details of the acquisition, which was first announced in June:
With all the regulatory approval boxes ticked and the deal officially signed, Evolution can begin to capitalize on the allure of Nolimit City, an online slot developer with a critical reputation for producing unique and controversial slots.
Back in June, Evolution President Jens von Bahr spoke of the rapid rise in popularity of Nolimit due to her sense of humor and her “unique style of slot machine, sometimes with dark themes.”
FIFA no difference
Nolimit offers Evolution online casino a distinctive and authentic brand in a sea of similarity. in VegasSlotsOnline News slots of the week, Nolimit pushing the envelopes has been on the podium more than 20 times since the first round started.
In Evolution’s recently published financial report for January-June 2022, CEO Martin Carlsund chose Nolimit for upcoming games “in the 2022 roadmap,” weeks before the deal closed.
“We want to be better, we want to do more, we want to run faster – that’s what we are. The world is changing but we’re standing strong,” the CEO said.
When referring to a changing world and Nolimit at the same time, Carlesund was acknowledging the latter’s ability to tap into what a growing segment of the online casino market wants, unique and controversial slots with something of a story.
Making waves and causing disruption has since become Nolimit USP, with games like San Quentin xWays, Remember Gulag, Punk Toilet, and Folsom Prison among its top performing titles.
in VegasSlotsOnline News Exclusively last month, Nolimit’s chief commercial officer and general manager, Malcolm Mizzi, summed up his brand’s approach when discussing Folsom Prison. “It’s not the everyday fruit/fish hole. It has a darker look, including inmates sizzling in the electric chair.”
Every part of the strategy
Nolimit joins a list of other digital gaming acquisitions that emphasize Evolution’s single-minded strategy of “being the world’s number one online casino gaming provider”. Major acquisitions in the past two years include Red Tiger, NetEnt and Big Time Gaming.
Expect grueling crimes, a secret double life, and one hell of a traffic jam.”
Carlsund has previously stated that his company does not want to “give away too much” about what the rest of 2022 holds for online casino players. However, he put the ball in Nolimate’s court when he said players can “expect grueling crimes, a secret double life and a single traffic jam”.