Evolution AB, through its subsidiary Malta Holdings, and Galaxy Gaming on Tuesday announced they have mutually agreed to extend a merger agreement “outside date” through July 17, reaffirming a mutual commitment to completing the transaction and advancing a shared vision for innovation in the gaming industry.
It was reported in July 2024 that Galaxy would be acquired for about $85 million in cash. It was stated then that Evolution intends to retain Galaxy Gaming management and employees and also plans to operate the company as a separate and independent business unit.
Evolution develops, produces, markets and licenses fully integrated B2B live casino solutions to gaming operators
“We remain fully committed to completing the acquisition of Galaxy Gaming and are confident in the progress toward regulatory approvals,” Evolution AB CEO Martin Carlesund said in a statement. “This extension reflects our respect for the review processes of U.S. gaming regulators, and our shared determination to bring two complementary businesses together. Galaxy Gaming’s innovative products and technology will strengthen Evolution’s position and enable us to deliver even greater value to our customers worldwide.
“Following close, we look forward to supporting Galaxy Gaming’s operation as an independent business unit within Evolution, preserving its unique culture while leveraging our global reach and resources to accelerate growth.”
As part of the regulatory approval, Evolution and Galaxy anticipate the proposed acquisition will be approved by relevant regulatory authorities during the first quarter. With Mississippi’s approval secured this month, both companies said they will continue to work closely with regulators to satisfy the remaining required gaming approvals by regulatory authorities by July 17.
“We are energized by the progress toward closing and the tremendous opportunities ahead,” said Galaxy Gaming CEO Matt Reback. “This transaction brings together two world-class, customer-focused teams and positions us to deliver exceptional experiences across both land-based and online channels. With Evolution’s global reach and financial strength, Galaxy Gaming will accelerate innovation and growth while preserving the independence and identity that define our brand.
“Post-close, we will build on our proven collaboration to drive omni-channel innovation and create even greater value for our partners and players worldwide.”
Upon receipt of all required gaming approvals, the merger agreement’s closing condition, with respect to such approvals, will be met. Subject to the satisfaction or waiver of all other conditions, the merger is expected to close shortly thereafter. Both companies anticipate closing promptly after regulatory approvals.
