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.