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Filip Mishevski August 9, 2022 3 min read
Evolution Officially Closes Its €340M Nolimit City Takeover
Evolution has officially closed its €340 million ($347 million) Nolimit City takeover. The deal contained a conditional upfront payment of €200 million ($204 million) and a number of earn-outs that amount to €140 million ($143 million), payable in cash.
The Deal Between the Two Parties Was Disclosed in June
As one of the world’s leading live casino game providers, Evolution has been quite active in acquiring studios in the recent period. The content creator disclosed the deal with Nolimit City back in June and at the time, the chair of Evolution, Jens von Bahr, noted that the deal will allow the company to extend its portfolio and continue with its innovation.
Jonas Tegman, the co-founder of Nolimit City, stated that with Evolution by its side, the company will be able to come up with the best slot offerings on the market.
Evolution also noted that the Nolimit takeover falls perfectly with its strategy of being the world’s number 1 casino game provider. After all, Evolution had a few major takeovers, including NetEnt, which is set to power Holland Casino with content, as well as Red Tiger Gaming and Big Time Gaming.
Martin Carlesund, Evolution’s CEO, stated that with the takeover, he is looking forward to seeing what the second half of 2022 brings. He also added that Evolution wants to be better, “deliver more,” and that by adding Nolimit City, Evolution further increases its “gap to all competitors.”
Evolution Had a Strong Performance in Q2 of 2022
Recently, Evolution shared its Q2 report, which showed that its operating revenue increased by 34% compared to the same period in 2021 and reached €344 million ($352 million). Earnings per share reached €0.94 ($0.96) and the profit for the period was €200.9 million ($205.5 million).
Most recently, the content creator announced the launch of Live Craps in Pennsylvania. The game features an easy mode and an online tutorial, which will make it easy for players to master its gameplay. Evolution noted that it plans to launch Live Craps in New Jersey and Michigan in the near future.
Jeff Millar, Evolution’s commercial director for North America, stated that this game was the “first online Live Craps game in the industry” and that is why he’s proud that Evolution is able to offer it to players in Pennsylvania. He added that it is sure to attract new fans and that the game captures all the excitement that players can experience with a traditional craps table. The company’s US presence was also boosted with the launch of the live studio in Connecticut in July. Connecticut’s studio is located on a property in Fairfield and its initial number of employees is 140.