Evolution Acquires Galaxy Gaming for $85 Million

Evolution will significantly expand its presence in the US market with this deal.

Due to the achievements of the Galaxy Gaming company, Evolution will have a chance to enhance its position in the US gambling market, and the brand’s shares, which are now coming to Evolution, will bring Galaxy Gaming $3.20 per share, and the brand’s share price by July 17, 2024, sits at 124%. The most interesting thing is that the deal will be signed with the condition of paying cash on hand.

This acquisition is essential for both sides since Evolution gets more opportunities to broaden its market presence, especially the US presence, while Galaxy Gaming will have a chance to boost the power for creating and promoting its unique products.

Martin Carlesund, Evolution CEO, said:

Evolution intends to retain the management and employees and also plans to operate Galaxy Gaming as a separate and independent business unit.

Matt Reback, Galaxy Gaming President and CEO, added:

This acquisition by Evolution empowers Galaxy to sustain and maintain its independence while continuing to focus on growth and expanding its operations, leveraging Evolution's operational and financial strength to facilitate product sharing and drive omnichannel innovation.

The company sees big opportunities due to this signed partnership. In Q2 2024, Evolution reported a 15.3% increase, reaching €508.4 million revenue. Its focus is now on RNG and live games, and due to acquired products, the company gets even more opportunities for delivering top-tier products of this kind.

Though both parties, including Galaxy Gaming’s board of directors who hold about 14% of the company’s stock, have already accepted the details of the deal, the deal is supposed to be penned in the middle of 2025 due to customary closing conditions, such as pending regulatory issues and stockholder approvals.