Leading independent law firm Cains is advising Evolution AB’s wholly owned subsidiary, Evolution Malta Holding Limited, on its agreement to acquire the entire issued share capital of Nolimit City Holding Ltd (“Nolimit City”), a world-leading producer of online slots games, for an upfront consideration of EUR 200 million. With earn-outs of up to EUR 140 million the total consideration could amount to EUR 340 million, payable in cash. Evolution AB develops, produces, markets and licenses fully-integrated B2B Online Casino solutions to gaming operators. Nolimit City games offer players a unique, graphically rich playing experience and includes award-winning games such as San Quentin and East Coast/West Coast.
The Cains team included Scott Leonard-Morgan and Kirsten Porter, working closely with Gernandt & Danielsson and Wiggin LLP.
Scott, a Director in Cains’ corporate department, commented: “The Isle of Man is a premier jurisdiction for the location, regulation and administration of online gaming companies. Cains is delighted to field its top tier corporate and gaming practices on this matter and it is a pleasure to be working with Evolution, Gernandt & Danielsson and Wiggin on such a significant acquisition. We wish Evolution all the best with the integration of Nolimit City into the Evolution family. ”
