Gaming Software Developer Evolution is seeking to become the world’s top casino game provider, and a recent press release revealed that its subsidiary, Evolution Malta Holding, is set to acquire game developer Galaxy Gaming for $85 million.
Evolution has agreed to purchase all remaining shares of Galaxy Gaming's common stock for $3.20 per share in cash, a 124% premium over the closing share price on July 17, 2024, the day before the acquisition announcement.
“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 Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position,” commented Evolution CEO Martin Carlesund.
Evolution plans to run Galaxy Gaming as an independent business unit with its current management and employees. For the 2024 Fiscal Year, Galaxy Gaming is projected to generate between $29 million and $30 million in net revenue and $12 million to $13 million in adjusted EBITDA.
“We believe this transaction represents the opportunity to unite two world-class, customer-focused teams in a way that will benefit all stakeholders,” added Matt Reback, President and CEO of Galaxy Gaming. “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.”
Galaxy Gaming’s board of directors has approved the transaction, but it is subject to customary closing conditions, including Galaxy Gaming stockholder approval and required gaming regulatory approvals. The closing is expected to occur in mid-2025.
Headquartered in Las Vegas, Galaxy Gaming develops and distributes casino table games and gaming technology solutions to both land-based and online casinos. The company was founded in 2006 and now has 131 licenses worldwide and in 28 US states. Its popular game titles include Buster Blackjack, Caribbean Stud Poker, Lucky Ladies, and Perfect Pair.
