This offer represents a 124% premium over Galaxy Gaming’s closing share price on July 1
Evolution will acquire all outstanding shares of Galaxy Gaming common stock for $3.20 per share in cash through its subsidiary, Evolution Malta Holding. This offer represents a 124% premium over Galaxy Gaming’s closing share price on July 17, the last trading day before the acquisition announcement, valuing the company at approximately $85 million, or $124 million including net debt.
Evolution will finance the acquisition with available cash. Members of Galaxy’s board, holding 14% of the common stock, have committed to supporting the acquisition. The transaction, pending customary closing conditions, is expected to be finalized by mid-2025.
Following numerous slot machine acquisitions, Evolution is now focusing on table games. This acquisition will bolster Evolution’s presence in the US market and enhance its proprietary table games portfolio. Galaxy Gaming supplies games and technology, such as bonusing systems and dealer terminals, to land-based casinos, holding licenses in 131 markets globally, including 28 US states.
The deal follows several recent acquisitions of slot-focused companies like LiveSpins, NetEnt, Big Time Gaming, and NoLimit City, with DigiWheel being the only recent table games acquisition. Galaxy Gaming is notable for providing Evolution with a significant land-based presence.
Evolution’s CEO, Martin Carlesund, called the acquisition a “significant” milestone that strengthens the company’s strategic position with access to new channels and a complementary product suite.
Galaxy Gaming CEO and President Matt Reback stated that the acquisition will merge two customer-focused teams, benefiting all stakeholders.
“It combines Galaxy Gaming’s successful land-based business, driven by industry-leading games and innovative technologies, with Evolution’s global reach and online gaming expertise,” Reback said.
Galaxy Gaming will operate as a separate entity within the Evolution group, retaining its current management and employees. This setup will allow the business to maintain its independence while leveraging Evolution’s financial and operational strengths to drive omnichannel innovation, Reback added.