Evolution, the world’s largest live casino supplier, has announced a definitive agreement to acquire Galaxy Gaming, Inc. for approximately $85 million, payable in cash. This acquisition, carried through Evolution’s subsidiary Evolution Malta Holding Limited, marks a significant step for the company in consolidating its position as a global leader in the casino games industry, particularly strengthening its footprint in the United States market.
Galaxy Gaming, renowned for its innovative casino table games and technology solutions, has been a pivotal player in revolutionizing the casino landscape with its diverse portfolio. This portfolio not only complements Evolution’s existing array of offerings but also enhances its capability to provide top-tier gaming content to its customers globally.
Martin Carlesund, CEO of Evolution, expressed enthusiasm about the acquisition: “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.” Carlesund emphasized that Galaxy Gaming’s products and technology would fortify Evolution’s strategic position in the market.
Under the terms of the agreement, Evolution will acquire all outstanding shares of Galaxy Gaming for $3.20 per share in cash. This price represents a premium of 124% to Galaxy Gaming’s closing share price on the last trading day before the announcement. The total valuation of Galaxy Gaming stands at approximately $124 million, including net debt, and the transaction will be financed through cash on hand.
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