Evolution Acquires Galaxy Gaming for $85M, Boosting US Market Expansion

Acquisition Overview

Evolution Malta Holding Ltd., a subsidiary of Evolution, has agreed to acquire Galaxy Gaming for a total equity value of $85 million, payable in cash. The transaction, approved by Galaxy Gaming’s board, is anticipated to close by mid-next year. Evolution will purchase all outstanding shares of Galaxy Gaming at $3.20 each, representing a 124% premium on Galaxy’s closing share price on July 17, 2024. Following the acquisition, Galaxy Gaming will remain a separate and independent business unit, with its management and staff retained.

Strategic Alignment

The acquisition is part of Evolution’s strategy to become the world’s top provider of casino games. By integrating Galaxy Gaming’s innovative products and technologies, Evolution aims to enhance its service offerings and strengthen its market position in the online gaming industry.

Executive Statements

Martin Carlesund, CEO of Evolution, commented, “The acquisition of Galaxy Gaming is a significant milestone in our mission to provide unparalleled gaming experiences. Galaxy Gaming’s exceptional products and technology perfectly complement our portfolio and strategic goals.”

Matt Reback, President and CEO of Galaxy Gaming, stated, “This transaction unites two world-class, customer-focused teams, benefiting all stakeholders. Evolution’s acquisition enables Galaxy to maintain its independence while leveraging Evolution’s operational and financial strengths to drive innovation and growth.”

US Market Expansion

This acquisition is a continuation of Evolution’s efforts to expand its presence in the U.S. market. Earlier in the year, Evolution acquired Livespins, a social casino platform, for $5.4 million. Additionally, partnerships with Caesars Digital and Rush Street Interactive have expanded its reach. Evolution also launched its Nolimit City studio across six U.S. states, including Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia.

Future Developments

As Evolution integrates Galaxy Gaming, the focus will be on leveraging synergies to drive innovation and enhance customer offerings. The company’s long-term objective remains to be the most comprehensive technology supplier and fastest-growing company in the igaming sector.

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