Evolution Buys Slot Games Developer Nolimit City for Up to EUR340 Mln

By Dominic Chopping

STOCKHOLM–Evolution AB said Wednesday that it has agreed to buy online slots games producer Nolimit City Holding Ltd in a deal valued at up to 340 million euros ($358.4 million).

Evolution, a Swedish company that provides online games and the technology behind online casinos, said it will pay EUR200 million in cash up front with additional consideration of up to EUR140 million based on Nolimit City’s earnings before interest, tax, depreciation and amortization for the years 2022, 2023 and 2024.

Nolimit City is expected to post revenue of EUR30 million and Ebitda of EUR23 million for the calendar year 2022.

The transaction will contribute positively to Evolution’s 2022 earnings per share, it added.

Completion of the deal is subject to regulatory approvals and is expected during the third quarter of 2022.

Write to Dominic Chopping at dominic.chopping@wsj.com