Once again, the Evolution Gaming Group is on the move to strengthen and diversify its portfolio. This time, they are making gambling headlines as Evolution to Acquire Galaxy Gaming. Furthermore, by completing this acquisition it will all them to build a land-based footprint on U.S. soil.
Galaxy Gaming a leading developer and distributor of casino table games in hailing out of Las Vegas, NV. They are known for their innovative table games and enhanced gaming technology solutions. According to their statement Evolution will acquire Galaxy Gaming for approximately $85 million and is payable in cash.
Evolution to Acquire Galaxy Gaming to Expand its Presence in the U.S. Gambling Market
Evolution’s acquisition of Galaxy Gaming aligns with its strategy to become the leading global supplier of casino games. By acquiring Galaxy Gaming, Evolution will strengthen its foothold in the US Gambling market. Furthermore, it reinforces its status as a premier provider of exclusive table games to the online gaming sector. Thus, they hope that it will help them deliver more top-notch gaming content to its American clientele.
Evolution intends to purchase all remaining shares of Galaxy Gaming common stock for $3.20 per share in cash through its Evolution Malta Holding Subsidiary. This represents a premium of 124% of the closing share price on July 17, the final trading day before the acquisition announcement, and values the company at around $85 million, or $124 million when factoring in net debt.
The acquisition will be financed using available cash, and 14% of Galaxy board members who own common stock have agreed to support the transaction. Pending the fulfillment of standard closing conditions, the company anticipates finalizing the deal by the middle of 2025. want to create a unique Sportsbook Personality to give players a unique betting experience.
According to Martin Carlesund, the CEO Evolution AB, Evolution is thrilled with this acquisition. He said that it “represents a significant milestone in our mission to provide unparalleled gaming experiences to our customers.”
According to Matt Reback, President and CEO of Galaxy Gaming, Galaxy Gaming is also very happy with this deal. They believe that “this transaction represents the opportunity to unite two world-class, customer-focused teams in a way that will benefit all stakeholders.”
Who is Evolution AB
The Evolution Gaming Group is a leading B2B solution company for gambling operators. Evolution AB is known for providing and developing live casino solutions for online casino operators. In addition, they also engage in marketing and licensing for land-based casinos and live casinos for television. The company provides their live casino betting services to popular casino websites and pay per head companies.
The company began in 2006 by Richard Hadida, Jens von Bahr and Fredrik Osterberg and has its headquarter in Stockholm, Sweden.
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