Leading casino content supplier Evolution is set to strengthen its position in the US market as it completes a deal to acquire Las Vegas-based tables and technology provider Galaxy Gaming. The deal is worth approximately $85m, or $124m including net debt, and will significantly boost Evolution’s ever-growing portfolio.
Signing the Deal
The deal sees Evolution purchase all outstanding shares of Galaxy Gaming common stock, buying them at $3.20 a share through its subsidiary, Evolution Malta Holding. The deal is a premium of 124% of Galaxy Gaming’s closing share price on July 17th, the final trading day before the deal was announced.
The deal is being funded by available cash. The acquisition is being supported by Galaxy Gaming’s board members, who hold 14% of the common stock. Once the deal has been finalized and the closing conditions have been met, the deal is expected to close midway through 2025.
Table Games Focus
The acquisition of Galaxy Gaming seems a slight shift in focus from Evolution as the company continues to bolster its presence in the US market. In recent years, Evolution has been busy acquiring major slot development studios. This includes industry giants like NetEnt, Big Time Gaming, and Nolimit City. It also completed the acquisition of Livespins, a streaming provider, earlier in the year.
Galaxy Gaming is a table games technology specialist that provides terminals and bonusing systems to land-based casinos in the US and beyond. It holds licenses to 131 markets worldwide and is present in 28 American states.
Significant Milestone
Speaking about the deal, Evolution CEO Martin Carlesund said that it was a significant milestone for the company as it continues to build on its strong standing in the US market.
Galaxy Gaming’s CEO Matt Reback said the acquisition united two customer-focused companies and that it would benefit everybody involved. He described Galaxy Gaming’s land-based business as ‘thriving’ and said it would benefit by combining with Evolution’s global reach and innovation.
