Evolution has ended its planned acquisition of Galaxy Gaming.  Despite the decision, both companies said they expect to continue their existing commercial relationship.

• Evolution AB announced that it has terminated the merger agreement with Galaxy Gaming. The agreement had been signed between Evolution Malta Holding Limited, Galaxy Gaming and Galaga Merger Sub, Inc. Evolution said it expects to continue working with Galaxy Gaming under the companies’ existing commercial partnership.
• As part of the termination, Evolution is required to pay Galaxy Gaming a termination fee of USD 5.23 million (ca. EUR 4.6 million). The company confirmed that it intends to make the payment. No further reasons for ending the transaction were disclosed in the announcement.
• The Evolution Galaxy Gaming deal was intended to expand Evolution’s position in the online casino supplier market. Galaxy Gaming develops and licenses casino table games and side bets to land-based and online gaming operators. The termination means both companies will continue operating independently.
• Evolution develops and supplies B2B online casino products to around 870 gaming operators worldwide. The company employs about 22,900 people across studios in Europe, Asia, North America and South America. Its shares are listed on Nasdaq Stockholm under the ticker EVO.
• Commenting on the announcement, Evolution said it “expects to continue working with Galaxy Gaming within the framework of the companies’ existing strong commercial relationship.” The Evolution Galaxy Gaming partnership will therefore continue on a commercial basis despite the cancelled acquisition.

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