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Evolution has entered into an agreement to acquire Nolimit City

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Evolution has entered into an agreement to acquire Nolimit City
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Evolution AB (publ)’s wholly owned subsidiary, Evolution Malta Holding Limited, (“Evolution”) has entered into an agreement to acquire the entire issued share capital of Nolimit City Holding Ltd (“Nolimit City”) for an upfront consideration of EUR 200 million (the “Transaction”). With earn-outs of up to EUR 140 million the total consideration can amount to up to EUR 340 million, payable in cash.

Transaction highlights and strategic rationale

Nolimit City is a truly innovative, world-leading producer of online slots games that has created its own niche in the market through games with sometimes provocative themes and a humorous touch. Nolimit City games stand out and offer players a unique, graphically rich playing experience. Nolimit City titles include award-winning games such as Mental, San Quentin and East Coast/West Coast.

The acquisition is in line with Evolution’s strategy of being the world’s number one provider of online casino games, supplying its customers with the best gaming content. With the Nolimit City brand, Evolution extends its portfolio of world leading slot brands that already includes NetEnt, Red Tiger and Big Time Gaming.

“With the addition of Nolimit City to the Evolution family we extend our portfolio of truly innovative and cutting edge games from the top brands and game makers in the industry. We have followed Jonas, Emil and their team for a few years and been impressed as they have established a completely new style of slot games. I am proud that yet another of the very best minds in our industry has chosen to join the Evolution network.” – Jens von Bahr, chairman, Evolution

“I cannot think of a better match between two companies then between Nolimit City and Evolution, we are fully aligned in terms of people, product, technology and how to get the job done. The slot vertical is under massive change, and we can’t wait to take on the challenge of global expansion together with Evolution, helping out with navigating towards the best slot product offering in the market.” – Jonas Tegman, Co-Founder, Nolimit City

Nolimit City revenue is expected to amount to EUR 30 million with an EBITDA of EUR 23 million for the calendar year 2022. The Transaction will contribute positively to 2022 EPS for the Evolution Group.

Consideration and financing 

The total up-front consideration payable by Evolution in the Transaction is EUR 200 million on a cash and debt free basis. The consideration is financed from cash at hand. In addition, Evolution may pay earn-out payments in cash, based on Nolimit City’s EBITDA for the years 2022, 2023 and 2024, respectively. The earn-out payments will amount to a maximum of EUR 140 million, and become payable in 2023, 2024 and 2025, respectively.

Conditions and time plan for the acquisition

Completion of the Transaction is conditional upon receipt of regulatory approvals and is expected during Q3 2022.

Advisors

Evolution has engaged Gernandt & Danielsson, Wiggin, Deloitte and EY in connection with the Transaction. Nolimit City has engaged Advokatfirman Delphi as legal advisor in connection with the Transaction.

Affiliate Industry

N1 Partners X-Mas Giveaway: The Ultimate Reward for High-Achieving Affiliates!

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N1 Partners X-Mas Giveaway: The Ultimate Reward for High-Achieving Affiliates!
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N1 Partners is bringing excitement this holiday season with the X-Mas Giveaway! High-achieving affiliates can get rewarded with exclusive prizes, including a dream trip to the Maldives, premium gifts, and more. Join the giveaway and celebrate your success with us!

This December, N1 Partners is launching the X-Mas Giveaway to reward our valued partners. This giveaway offers prizes for our high-achieving partners.

From December 1 to December 31, all registered partners who generate 50+ FTDs within December enter the draw to win one of five AirPods Max. But that’s not all—participants with the top three deposit sums get rewarded with premium prizes:

  • 1st Place: A luxurious trip for two to the Maldives
  • 2nd Place: An exclusive Louis Vuitton Travel Kit
  • 3rd Place: An iPad Pro 13″ (1TB)

N1 Partners is committed to creating opportunities for all partners to succeed. New partners are invited to join our network to become eligible for this giveaway. Sign up here and get started today.

“At N1 Partners, we are always striving to surprise and delight our affiliates. We don’t view each affiliate as just another account, but as a valued partner with whom we build long-lasting business relationships. Promotions like these give our partners the opportunity to see that firsthand and earn well-deserved rewards for their achievements.” — Alexa Bond, Head of Affiliates, N1 Partners

For full terms, visit our website. Winners will be announced in early January 2025.

This holiday season, let N1 Partners be your gateway to exciting rewards and opportunities!

 

About N1 Partners

N1 Partners is a company with expertise in online entertainment. Today, N1 Partners unites over ten high-converting online casinos, betting brands, and the N1 Partners affiliate program.

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Latest News

GR8 Tech Announces Leadership Changes for 2025

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GR8 Tech Announces Leadership Changes for 2025
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GR8 Tech will see a leadership transition on January 1, 2025, as Oleksandr Feshchenko, currently the Deputy CEO and CRO, will take over as the new CEO. Sergey Ghazaryan, formerly the Head of the Casino Business Unit, takes over as the CRO from December 1 of the current year. In the meantime, Evgen Belousov will be stepping away from GR8 Tech.

During his two-year tenure, Evgen Belousov has established GR8 Tech as a trusted provider of high-performance iGaming solutions. Over the past year alone, GR8 Tech achieved remarkable growth, expanding its client base eightfold and significantly increasing revenue.

GR8 Tech’s solutions support over 25 newly launched clients and nearly 50 live operator brands. The company’s continued success stems from its unique strategy of providing tailored, geo-specific solutions that directly address market demands. Unlike other platforms that offer one-size-fits-all approaches, GR8 Tech focuses on customizing its features specifically to meet the needs of each region and client.

Reflecting on his time as CEO, Belousov shared: “Leading GR8 Tech has been nothing short of transformative. We’ve redefined what success looks like in our industry, achieving remarkable milestones in only two years’ time. We’ve laid down a strong foundation, and now, it’s time for a bold new chapter. With our high-performance platform and a vision to dominate as the world’s #1 sportsbook-driven solution, I’m confident the new leadership will amplify this momentum and take GR8 Tech to unprecedented heights.” As Belousov shifts to being an independent iGaming advisor, he plans to focus on the strategic development of B2B iGaming projects.

The leadership transition aligns with the company’s two-year anniversary in January 2025 – a milestone GR8 Tech plans to celebrate with exciting future announcements.

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Asia

Revenant XSpark Partners With iQOO In Landmark Esports Deal

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Revenant XSpark, one of India’s leading Esports organization is excited to announce a ground-breaking partnership with iQOO, the high-performance smartphone brand. Leveraging the growing appeal of Esports, Revenant XSparks & iQOO have partnered together, with iQOO securing the naming rights for India’s top-performing Battlegrounds Mobile India (BGMI) roster under the Revenant XSpark brand. The team will now compete under the name iQOO RNTX, marking a significant milestone in the evolution of Indian esports. This collaboration stands as one of the biggest deals in Indian Esports history.

A collaboration between Revenant Esports and Team XSpark; The vision & goal behind the creation of ‘Revenant XSpark’ was to redefine the Esports landscape in India and neighbouring regions.

Having been unveiled at the recent collaboration, Revenant XSpark’s (BGMI) roster competes across regional and international competitions. With an unmatched track record of securing two back-to-back titles at major Krafton events, the team is led by coach Osmium as one of the premier teams in the country. Dominating competition across the board, the team of Sarang (Sarangajyoti Deka), Spraygod (Harsh Malik), Joker (Khush Singh), and Shadow (Tenzin Kelsang), have been able to carve a name for themselves in the Esports landscape as a force to be reckoned with in both global and local platforms.

Champions at the BGMI Pro Series and BGMI India Series, the team already has a firm foothold in the India market and is aiming to build and expand its narrative globally. Alongside iQOO’s innovation driven mindset, the collaboration will leverage expertise from both sides for mutual beneficial outcomes.

Rohit Jagasia, Founder and CEO of Revenant Esports, said, “We’re incredibly proud to announce our groundbreaking partnership with iQOO. This is a monumental moment for Indian Esports – marking one of the largest deals in the industry. iQOO’s commitment to innovation aligns perfectly with our vision at Revenant XSpark. By joining forces, we’re creating a powerful synergy that will elevate the Indian Esports scene to new heights. Together, we aim to redefine the landscape of competitive gaming and inspire the next generation of gamers.”

Nipun Marya, CEO, iQOO said, “We’re thrilled to be part of this moment in Indian esports. Partnering with Revenant XSpark goes beyond supporting an exceptional team it’s an investment in the future of competitive gaming. Together, we aim to inspire the next generation of gamers, drive meaningful innovation, and shape the future of esports in India. This collaboration is a step towards achieving long-term synergies that align with our broader vision to elevate the gaming experience.”

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