Evolution is looking to build its land-based presence in the US and strengthen their position through an acquisition of Galaxy Gaming (a Las Vegas-based table game and casino technology company).
Evolution Holding Subsidiary will purchase all Galaxy Gaming shares for cash at $3.20 each. The closing price of the shares on the 17th July was 124% higher than the previous trading day. This value is approximately $85, or $124 million including the net debt.
Galaxy’s board of directors will hold 14% common shares to support the acquisition. The supplier anticipates a mid-year 2025 closing date, subject to the usual conditions.
Evolution moves on to tables after slot trolley Dash
This acquisition will help Evolution to expand its presence on the US market, and enhance their proprietary games. Galaxy provides games, technology, and bonusing systems, such as dealer terminals, to casinos around the globe. It has licences in 131 countries, including 28 US States.
This acquisition follows the recent flurry in slot deals, including LiveSpins and NetEnt. Galaxy’s land-based operation is the company’s first.
Evolution CEO: Galaxy consolidates strategic position
Evolution CEO Martin Carlesund described the deal in his comments as “significant”. It strengthens the strategic position of the group by giving it access to new product lines and channels.
The acquisition of Galaxy Gaming by Matt Reback, CEO and President at Galaxy Gaming, brings together two teams that are focused on customers and benefits all stakeholders
Reback stated that the merger combines Galaxy Gaming’s land-based gaming business, which is driven by its industry-leading titles and advanced technologies, and Evolution’s innovative online gaming expertise and global reach.
Galaxy, according to the supplier, will operate as a distinct entity within Evolution, and the current management team, along with the employees, will remain. Reback said that the business will maintain its independence, with Evolution’s financial and operating muscle assisting it to drive omnichannel innovations.
