Galaxy Gaming to be acquired by Evolution in $85m transaction
Evolution hopes the new agreement will solidify its standing in the US gaming market.
Evolution has entered into an agreement to acquire Galaxy Gaming for a total equity value of approximately $85m, payable in cash. Galaxy Gaming is a developer and distributor of casino table games and gaming technology solutions.
The acquisition hopes to continue Evolution’s strategy of being a top provider of casino games and supplying its customers with quality gaming content. With Galaxy Gaming’s portfolio, Evolution will look to solidify its presence in the US market and enhance its position as a licensor of proprietary table games to the online gaming industry.
“We are thrilled to announce the acquisition of Galaxy Gaming, which represents a significant milestone in our mission to provide unparalleled gaming experiences to our customers,” Evolution AB CEO Martin Carlesund said.
“Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position. Evolution intends to retain the management and employees and also plans to operate Galaxy Gaming as a separate and independent business unit.”
Matt Reback, President and CEO of Galaxy Gaming, commented on the transaction as well, having said, “We believe this transaction represents the opportunity to unite two world-class, customer-focused teams in a way that will benefit all stakeholders. It combines Galaxy Gaming’s thriving land-based business, driven by our industry-leading games and progressive technologies, with Evolution’s global reach and innovative online gaming leadership.
“This acquisition by Evolution empowers Galaxy to sustain and maintain its independence while continuing to focus on growth and expanding its operations, leveraging Evolution’s operational and financial strength to facilitate product sharing and drive cutting-edge omni-channel innovation.”
Evolution has agreed to acquire all of the outstanding shares of common stock of Galaxy Gaming for $3.20 per share in cash. This valuation represents a premium of 124% to Galaxy Gaming’s closing share price on July 17, the last trading day prior to the announcement of the transaction.
The deal was also approved by the Galaxy Gaming Board of Directors and is subject to customary closing conditions, including Galaxy Gaming stockholder approval and certain required gaming regulatory approvals.
The companies expect the closing to occur in mid-2025.
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