Evolution AB (OM:EVO) entered into an agreement to acquire Nolimit city Stockholm Ab for 340 million.
June 21, 2022
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Evolution AB (publ) (OM:EVO) entered into an agreement to acquire Nolimit city Stockholm Ab for 340 million on June 22, 2022. The total up-front consideration payable by Evolution in the Transaction is 200 million on a cash and debt free basis. The consideration is financed from with 100% of existing cash flow without any changes to our dividend. In addition, Evolution may pay earn-out payments in cash, based on Nolimit City's EBITDA for the years 2022, 2023 and 2024, respectively. Completion of transaction is expected to occur in Q3, 2022 .Transaction is expect to be accretive to EPS 2022.
Fredrik Palm of Gernandt & Danielsson Advokatbyrå KB and Scott Leonard-Morgan of Cains Advocates Limited acted as legal advisor and working closely with Gernandt & Danielsson and Wiggin LLP for Evolution. Michael Juhlin of Advokatfirman Delphi acted as as legal advisor in connection with the Transaction.
Evolution AB specializes in the development, publishing and marketing of live casino games on the Internet for gaming operators. The group operates in the fields of roulette, blackjack, baccarat and poker games, while offering software solutions and online casino platforms live on computers, smartphones and tablets.
At the end of 2022, Evolution AB had 11 production studios located in the United States (3), Belgium, Canada, Georgia, Latvia, Lithuania, Malta, Romania and Spain.
Net sales are distributed geographically as follows: Sweden (0.1%), Malta (67.5%), Australia (3.3%), Curaçao (21.8%), North America (0.6%) and others (6.7%).