Evolution Expands Reach Through Galaxy Gaming Acquisition

Evolution AB, a prominent provider of casino games, announced that its subsidiary, Evolution Malta Holding Limited, has signed an agreement to acquire Galaxy Gaming, Inc. for approximately $85 million in cash. This move strengthens Evolution’s leadership in the global gaming industry.

Galaxy Gaming’s Background and Vision

• Galaxy Gaming is a reputable developer and distributor of advanced table games and gaming technology solutions.

• Its portfolio has made it a trusted partner for casinos worldwide.

• The merger allows Galaxy to leverage Evolution’s financial strength and global reach to accelerate growth and innovation.

Statements from Company Leaders

• Matt Reback, President and CEO of Galaxy Gaming, said the merger “aligns two industry leaders” and will “drive value for customers and shareholders.”

• Evolution’s CEO noted the acquisition “enhances our ability to deliver innovative and engaging gaming experiences globally.”

• Both companies emphasized their shared commitment to quality and innovation.

Financial and Strategic Impact

• Galaxy Gaming forecasts FY 2024 net revenue of $29–30 million and adjusted EBITDA of $12–13 million.

• Evolution will acquire all outstanding shares at $3.20 per share, a 124% premium over the July 17, 2024 closing price.

• The total transaction, including net debt, is valued at $124 million, with completion expected by mid-2025, pending shareholder and regulatory approval.

Overall, this acquisition underscores Evolution’s commitment to expanding its global influence and providing cutting-edge gaming experiences. The partnership with Galaxy Gaming is expected to create new growth opportunities and deliver long-term value for customers and shareholders alike.