Evolution subsidiary Evolution Malta Holding Limited has introduced an settlement to purchase Galaxy Gaming, Inc. for an fairness worth of about $85 million, payable in money. This acquisition is ready to considerably bolster Evolution’s presence within the US market, furthering its objective to be the premier supplier of on line casino video games worldwide.
Strategic Integration and Market Leadership
Galaxy Gaming, a trailblazer within the improvement and distribution of on line casino desk video games and superior gaming applied sciences, has made a big impression on the on line casino trade. Known for its progressive merchandise and superior service, Galaxy Gaming has constructed a powerful repute as a dependable companion for casinos globally. The acquisition by Evolution is meant to improve its intensive gaming content material portfolio and solidify its management within the US market.
“We are thrilled 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,” stated Martin Carlesund, CEO of Evolution.
Maintaining Independence and Driving Growth
Following the acquisition, Galaxy Gaming will proceed to operate as a separate and unbiased enterprise unit, with its present administration and employees retained. This strategy ensures stability and continuity whereas leveraging Evolution’s operational and monetary sources to drive progress and innovation.
“We believe this transaction represents the opportunity to unite two world-class, customer-focused teams in a way that will benefit all stakeholders. It combines Galaxy Gaming’s thriving land-based business with Evolution’s global reach and innovative online gaming leadership,” commented Matt Reback, President and CEO of Galaxy Gaming.
Financial Details and Transaction Timeline
According to the Merger Agreement, Evolution will purchase all of Galaxy Gaming’s excellent frequent inventory shares for $3.20 per share in money, reflecting a 124% premiumon Galaxy Gaming’s closing share worth on July 17, 2024. The complete fairness worth of the transaction stands at roughly $85 million, with the overall worth, together with web debt, round $124 million. The acquisition might be funded with obtainable money reserves.
The transaction has obtained the approval of Galaxy Gaming’s board of administrators, with board members holding roughly 14% of the corporate’s inventory agreeing to vote in favor of the deal. The closing of the transaction is anticipated in mid-2025, pending customary closing circumstances, together with stockholder and regulatory approvals.
Advisors and Future Prospects
In this transaction, Evolution is being suggested by J.P. Morgan SE as its unique monetary advisor and Kirkland & Ellis LLP as its authorized advisor. Galaxy Gaming is receiving advisory companies from Macquarie Capital and authorized recommendation from Latham & Watkins LLP.
Evolution’s acquisition of Galaxy Gaming is a pivotal transfer in its technique to broaden its footprint within the US. Earlier in 2024, Evolution acquired the social on line casino platform Livespins and established partnerships with main US on-line gaming operators like Caesars Digital and Rush Street Interactive. Additionally, Evolution has launched its Nolimit City studio throughout six US markets, additional demonstrating its dedication to the American gaming sector.
Source:
EVOLUTION TO ACQUIRE GALAXY GAMING, A LEADING INDEPENDENT DEVELOPER AND DISTRIBUTOR OF CASINO TABLE GAMES AND TECHNOLOGY, galaxygaming.com, July 18, 2024.
