Evolution AB (publ) announced on 22 June 2022 that its wholly owned subsidiary, Evolution Malta Holding Limited, had entered into an agreement to acquire Nolimit City for an upfront consideration of EUR 200 million, as well as earn-outs of up to EUR 140 million. The acquisition is conditional upon receipt of regulatory approvals and completion is expected during Q3 2022.

Evolution, which is listed on Nasdaq Stockholm, develops, produces, markets and licenses fully-integrated B2B Online Casino solutions to gaming operators. Evolution employs over 14,000 people in studios across Europe and in North America. Nolimit City is an innovative producer of online slots games that has created its own niche in the market through games with sometimes provocative themes and a humorous touch. With the Nolimit City brand, Evolution extends its portfolio of world leading slot brands that already includes NetEnt, Red Tiger and Big Time Gaming.

Gernandt & Danielsson advises Evolution with a team consisting primarily of partner Fredrik Palm and senior associates Oscar Anderson, Rasmus Perdahl and Magdalena Jerner.