At a special meeting Tuesday, Galaxy Gaming stockholders approved the company’s previously announced acquisition by Evolution Malta Holdings Limited, a subsidiary of Evolution AB, for roughly $85 million in cash.
Galaxy Gaming says it expects the transaction will close mid-2025 and “is subject to customary closing conditions, including the receipt of regulatory approvals.” It also added that the company will become a privately held company and company shares will no longer be listed on any public market.
The company also announced Q3 2024 results Tuesday which saw revenue increase 25% to $7.7 million when compared to Q3 2023. The company posted an overall $2.2 million net loss due to a 50% increase in selling, general, and administrative expenses “primarily due to legal expenses related to the acquisition by Evolution and higher internal labor and related expenses.”
Earlier this year in July, Evolution AB CEO Martin Carlesund said the acquisition “represents a significant milestone in our mission to provide unparalleled gaming experiences to our customer,” and that “Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position.”
Evolution also confirmed that it intends to operate Galaxy Gaming as a “separate and independent business unit,” retaining all management and employees.
The acquisition of Galaxy Gaming is intended to solidify Evolution’s presence in the U.S. market “and enhances its position as a leading licensor of proprietary table games to the online gaming industry,” according to the July announcement.
