Evolution Extends Merger Outside Date with Galaxy Gaming
Evolution AB and Galaxy Gaming have mutually agreed to extend the merger agreement's external "outside date" to July 17 as both firms continue to pursue regulatory approvals.
LISTEN TO THIS ARTICLE:Evolution, acting through its subsidiary Malta Holdings, said the extension was reached on Tuesday and described it as a shared commitment to completing the transaction and advancing a joint vision for innovation across land-based and online gaming. The move gives both parties additional time to satisfy remaining state and federal review requirements while keeping the acquisition on track.
The proposed deal, first reported in July 2024 at an approximate cash value of $85 million, would see Galaxy Gaming operate as a separate and independent business unit within Evolution following closing. Evolution has said it intends to retain Galaxy's existing management and staff and to leverage Galaxy's product portfolio alongside Evolution's global live-casino footprint.
Evolution CEO Martin Carlesund reiterated the company's determination to see the deal through.
"We remain fully committed to completing the acquisition of Galaxy Gaming and are confident in the progress toward regulatory approvals. This extension reflects our respect for the review processes of U.S. gaming regulators and our shared determination to bring two complementary businesses together. Galaxy Gaming's innovative products and technology will strengthen Evolution's position and enable us to deliver even greater value to our customers worldwide. Following close, we look forward to supporting Galaxy Gaming's operation as an independent business unit within Evolution, preserving its unique culture while leveraging our global reach and resources to accelerate growth."
Regulatory Process and Timeline
Both companies emphasized that the new outside date is intended to accommodate the timing of regulatory approvals from U.S. gaming authorities. The firms said they expect the remaining approvals to be completed by July 17 and will continue working closely with state regulators and other authorities to meet licensing conditions. The parties noted that Mississippi has already granted approval this month, clearing one of the required state sign-offs and leaving additional jurisdictions to conclude their reviews.
Company statements indicate that once all required gaming approvals are received, the closing condition under the merger agreement will be satisfied. Subject to the satisfaction or waiver of any other closing conditions, the agreement anticipates a prompt completion of the transaction after regulatory clearance.
Galaxy Gaming CEO Matt Reback highlighted the strategic rationale behind the deal.
"We are energized by the progress toward closing and the tremendous opportunities ahead. This transaction brings together two world-class, customer-focused teams and positions us to deliver exceptional experiences across both land-based and online channels. With Evolution's global reach and financial strength, Galaxy Gaming will accelerate innovation and growth while preserving the independence and identity that define our brand. Post-close, we will build on our proven collaboration to drive omni-channel innovation and create even greater value for our partners and players worldwide."
Related: Galaxy Gaming Shareholders Approve Acquisition by Evolution
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Market Positioning and Integration Plans
Industry observers say the combination would deepen Evolution's content and distribution capabilities while giving Galaxy greater resources to expand its game-development and table-game offerings. Evolution is widely known for its B2B live-casino solutions and global operator relationships; Galaxy brings a catalogue of proprietary table games, bonusing systems and proven land-based partnerships that can complement Evolution's product set.
Analysts note that the preservation of Galaxy as an independent unit is aimed at retaining the company's culture and customer relationships while enabling scale benefits from Evolution's international footprint. That structure can help reduce integration risk and maintain continuity for customers in regulated U.S. markets, many of which require rigorous suitability and licensing reviews before a change of control can be finalized.
What to watch next: the companies will publicly report any additional state-by-state approvals and a firm closing date once the remaining regulatory conditions are met. Regulators in jurisdictions where Galaxy operates will be closely scrutinized for timing and any conditions attached to approvals that could affect the deal timetable.
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