The Swedish producer of casino games, Evolution, is about to expand its portfolio by acquiring another company and its content.
The lucrative deal, which is worth around 340 million EUR, foresees the accession of Nolimit City, the creator group from Malta.
Basics of the Agreement
With the signing of the contract, Evolution is set to become the owner of a multitude of shares that belong to Nolimit. For this, the business will have to offer 200 million EUR initially. An additional 140 million EUR will depend on how the group performs under its leadership in the next 3 years. All the money will be deposited in cash.
Previous Deals of the Buyer
The acquisition of Nolimit will be the fourth operation of its kind. Two years ago, NetEnt became the first business that went under the authority of the Swedish giant. This company has itself acquired Red Tiger. Finally, Big Time Gaming, which has developed an innovative mechanic, joined the list.
Similarly to the latter deal, the new one is expected to be highly lucrative for Evolution. For instance, in 2022, the group predicts to earn 30 million EUR from it in general, with 23 million EUR of pre-tax profits.
Comments from Evolution
The company’s leader, Jens von Bahr, has mentioned that he was excited about the innovative developments of the group’s new partner. The latest addition will help the business expand the lineup of its games and present the newest technologies.
The expert also praised the leaders of the smaller enterprise, who his team has allegedly kept up with for a couple of years. In conclusion, Mr Bahr called them some of the brightest people in the sector and voiced his pride that the team decided to become a part of the company.
Response from Nolimit
Jonas Tegman, one of the Nolimit City founders, started his speech by saying that the two groups have a common strategy, which will help them work productively together. The representative called the other group a perfect match for his enterprise’s mentality, innovations, and work ethic.
The executive expressed hopes for expanding globally together with the Swedish group. He concluded by saying they look forward to adapting to all the slot industry changes and suggesting high-quality products to customers.
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