Evolution Gaming Group AB 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. With the addition of the Galaxy 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.
Martin Carlesund, Evolution CEO, said: “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.
“Galaxy’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 & CEO of Galaxy Gaming, added: “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.”
Evolution has agreed to acquire all 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 17th, the last trading day prior to the announcement of the transaction.
The companies expect the deal to be formally concluded in mid-2025.
