While the planned closing date of their planned merger has passed, neither Galaxy Gaming nor an Evolution subsidiary have terminated the agreement yet.
In a news release Monday, Galaxy said it is evaluating its options, including seeking a merger agreement extension or terminating the agreement.
“For two years, we have been working with Evolution toward a closing of the merger agreement,” Galaxy President and CEO Matt Reback said in a statement. “During this same time, we have also been focused on growing Galaxy by increasing the range of our table games products, expanding into new markets, deepening partnerships with new and existing customers, increasing the share of our recurring revenues, and assembling a team of the highest caliber individuals possible. We are excited about the trajectory of the company, and we look forward to a continued relationship with Evolution.”
But Evolution CEO Martin Carlesund posted a statement on his company website’s Interim report January-June 2026 last week.
“After today, either party may choose to terminate the agreement,” Carlesund said. “Two years have passed, and Evolution has spent significant time, effort and resources handling the rather large amount of administration required to close this acquisition. Galaxy is a great company; however, due to its size, the transaction is not significant for Evolution. The outcome has no material impact on our existing business, our U.S. operations, or our long-term ambitions.”
In July 2024, Evolution Malta Holding Limited and its subsidiary Galaga Merger Sub announced that Galaxy would be acquired for about $85 million in cash, with Galaga Merger Sub, a Nevada corporation, merged into Galaxy and Galaxy surviving as a wholly owned subsidiary of Evolution.
Evolution, through its subsidiary Malta Holdings, and Galaxy Gaming announced in November that the companies had agreed to extend that merger agreement through July 17, reaffirming a mutual commitment to completing the transaction and advancing a shared vision for innovation in the gaming industry. If the merger was not consummated or closing conditions were waived on or before July 17, Galaxy or Evolution could terminate the merger agreement, subject to certain limitations.
Two remaining gaming regulatory approvals required for the closing of the merger have not yet been obtained, and Evolution has not waived those conditions.
