Zona de Azar Malta – Evolution Holding Limited, Entered into an Agreement to Acquire Galaxy Gaming
Malta.- July 22, 2024 www.zonadeazar.com Evolution AB’s wholly owned subsidiary, Evolution Malta Holding Limited, has entered into an agreement to acquire Galaxy Gaming, for approximately US$85 million, payable in cash.
Galaxy Gaming is a leading developer and distributor of innovative casino table games and technology solutions.
The purchase of Galaxy Gaming solidifies Evolution’s presence in the US market. Additionally, the move strengthens its position as a leading licensor of proprietary table games to the online gaming industry.
Martin Carlesund, CEO of Evolution AB, said: “We are excited to announce the acquisition of Galaxy Gaming, which represents a significant milestone in our mission to provide unparalleled gaming experiences to our customers.
Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position.”
Evolution is considering retaining the management and employees of Galaxy Gaming, operating it as an independent business unit.
“We believe this transaction represents the opportunity to bring together two world-class, customer-focused teams in a way that will benefit all stakeholders,” added Carlesund.
Matt Reback, President and CEO of Galaxy Gaming, commented: “This acquisition by Evolution enables Galaxy to sustain and maintain its independence. While continuing to focus on growing and expanding its operations, leveraging Evolution’s operational and financial strength to facilitate product sharing and drive cutting-edge omnichannel innovation.”
Conditions and schedule for acquisition
Pursuant to the merger agreement, Evolution agreed to acquire all of the common shares of Galaxy Gaming for $3.20 per share in cash. A 124% premium to Galaxy Gaming’s closing share price on July 17, 2024.
The transaction values Galaxy Gaming at approximately US$85 million, for a total of US$124 million, including net debt. The consideration will be financed with cash on hand.
The transaction was approved by Galaxy Gaming’s board of directors. Galaxy board members, who own approximately 14% of the company’s common shares, have entered into support agreements to vote their shares in favor of the deal.
Completion of the transaction is subject to customary conditions, including Galaxy Gaming shareholder approval and certain regulatory approvals. The parties expect closing to occur in mid-2025, subject to the satisfaction of these conditions.
About Evolution
Evolution develops, produces, markets and licenses fully integrated B2B Live Casino solutions for gaming operators. Since 2006, the company has become a leading B2B provider with more than 800 operators as customers.
The group currently employs more than 20,500 people in studios across Europe and North America. The parent company is based in Sweden and listed on Nasdaq Stockholm with the ticker EVO.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming develops and distributes innovative games, bonus systems and technology solutions for land-based and online casinos around the world.
The group offers proven performance games, developed by experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games for the online gaming industry.
Edit: @_fonta www.zonadeazar.com
