Evolution Malta Holding Limited (Evolution), a leader in gambling development, has announced its acquisition of Galaxy Gaming Inc. (Galaxy).
In a recent press release, the game of chance giant Evolution announced the news as part of an $85m deal.
The company views Galaxy as a leader in global table games and a developer of “state-of-the-art” casino gaming solutions.
Evolution acquires Galaxy Gaming
Galaxy Gaming is known for titles such as 3 Dice Bacartat, Dragon V Tiger War, and its World Poker Tour products.
The deal totals approximately $124 million, including net debt, but $85 million is the magic number for the company’s assets. Evolution snaps up the existing shares at $3.20 per share in cash, representing a premium of 124% of Galaxy’s closing bell price on the day of trading on July 17, 2024.
With this acquisition, Evolution will expand its foothold in the United States. The race to enter this market continues to heat up as gambling laws relax across multiple states.
“We believe this transaction represents the opportunity to unite two world-class, customer-focused Teams.” Matt Reback, President and CEO of Galaxy Gaming, said. “It combines Galaxy Gaming’s thriving land-based business, driven by our industry-leading games and progressive technologies, with Evolution’s global reach and innovative online gaming leadership.”
Galaxy Gaming is headquartered in Las Vegas, Nevada, so the Malta-based Evolution has managed to conquer a pivotal foothold in the American gaming market. Gambling is a money-making machine that has only continued to serve states well throughout 2024.
This can be attributed to the massive amount of money states can accrue in tax and gaming contributions. California, for example, is experiencing a significant moment in gambling history as new bills are being proposed to expand gambling in the state.
However, the Tribes that control and have been the fulcrum for licensed gaming are a stumbling block for big companies hoping to get a clear run at would-be gamblers’ pockets.
Evolution now has a new opportunity to target gamers’ wallets in the heart of the world’s gaming capital. Martin Carlesund, CEO of Evolution AB, said, “Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position.”
Image: Pixlr.
