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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.

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1X2 Network launches in Finland via Veikkaus deal

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Initial rollout brings 10 slots from Iron Dog Studio and Prospect Gaming to the state-owned operator, via Light & Wonder.

1X2 Network has entered the Finnish market after signing a content partnership with Veikkaus, Finland’s state-owned gaming operator.

Under the agreement, a selection of titles from 1X2 Network studios Iron Dog Studio and Prospect Gaming will go live for Finnish players for the first time. The initial rollout includes 10 games, with named titles including 3 HOT CHILLI PEPPERS, 3 PORKY BANKS HOLD and WIN EXTRA, BURN IN HELL, and PIÑATA GO GO.

1X2 Network said the integration was enabled through its collaboration with Light & Wonder, which is supplying the route to market for the content.

Kevin Reid, Chief Executive Officer at 1X2 Network said: “We are delighted to partner with Veikkaus and bring our games to players in Finland. Veikkaus has built a strong reputation as a trusted and responsible operator, and this launch represents an exciting opportunity for us to introduce titles from our flagship studios, Iron Dog Studio and Prospect Gaming to a brand-new audience.”

Riikka Seppänen, VP, iCasino at Veikkaus said: “We are pleased to welcome content from 1X2 Network to our platform. Their games offer engaging gameplay and popular features that we believe will resonate well with our players while supporting our commitment to delivering high quality and responsible entertainment.”

The post 1X2 Network launches in Finland via Veikkaus deal appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Neosurf reorganises operations as it targets Europe and the Americas expansion

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Neosurf has reorganised its operations as it prepares to scale products and expand across Europe and the Americas, the cash-to-digital payments provider said.

The company said the updated structure is intended to better support the rollout of “new market-ready products” and help it deliver its payment solutions “on a wider scale.” Neosurf did not disclose what specific organisational changes were made or whether the move affects headcount.

Neosurf also positioned the reorganisation as a way to improve agility in response to future regulatory changes, saying the company aims to remain flexible operationally and technologically as it moves into its “next major phase of its evolution.”

Andrea McGeachin, Global CEO at Neosurf, said: “As we continue to grow our new digital wallet products across Europe and the Americas, it’s important that our organisation evolves alongside our ambitions. Our new structure ensures that we’re built for agility, resilience, and long-term success, and we remain committed to our mission of bridging the gap between cash and digital payments with an optimised foundation that’s built to proactively anticipate and adapt to future regulatory change.”

Neosurf said it will share further updates on its plans “shortly.”

The post Neosurf reorganises operations as it targets Europe and the Americas expansion appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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GameOn appoints Fana Colette as Senior Social Media Manager

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GameOn has appointed Fana Colette as Senior Social Media Manager, as the B2B marketing agency expands its social media service capabilities.

Colette joins from Gambling.com Group, where GameOn said she helped grow social pages to “tens of thousands of followers,” combining creative storytelling with commercial objectives.

GameOn positioned the hire as a response to increasing demand for social media strategy across iGaming operators, suppliers and affiliates looking to differentiate in a crowded market. The company said Colette will add senior oversight to structured, audience-focused content planning.

In the role, Colette will work with GameOn’s existing clients and lead social media strategy for new accounts, according to the company.

Lizzie Thomas, Head of Social Media at GameOn, said: “Bringing Fana on board allows us to support the growing demand for sophisticated, senior-led social strategies.

“Her experience in building social profiles from the ground up and developing content that resonates with audiences aligns perfectly with how we approach social at GameOn.”

Fana Colette, Senior Social Media Manager at GameOn, added: “I’m excited to be joining GameOn at such a dynamic time for the business.

“Social media is such an important part of how brands build visibility, trust and engagement, and I’m looking forward to helping clients create content that is both strategically grounded and creatively strong.

“GameOn has a clear understanding of the iGaming space, and I’m excited to contribute to that with thoughtful, audience-focused social work.”

The post GameOn appoints Fana Colette as Senior Social Media Manager appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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