Evolution AB has terminated its planned acquisition of Galaxy Gaming. This ends a deal first announced in 2024 after an extended regulatory review process.
Despite cancelling the merger, Evolution confirmed it will continue its existing commercial partnership with Galaxy Gaming. This is under the 10-year agreement signed by the two companies in 2023.
Merger Ends After Regulatory Delays
Evolution originally announced its intention to acquire Galaxy Gaming in July 2024 in a transaction valued at approximately US$85 million.
The closing of the deal was delayed in late 2025 to allow additional time for regulatory approvals. While some jurisdictions, including Mississippi, approved the transaction, other key approvals had not been secured before the agreement’s deadline. Notably, this included Nevada.
Under the terms of the merger agreement, Evolution will pay Galaxy Gaming a termination fee of US$5.23 million.
Evolution Says Business Unaffected
Evolution CEO Martin Carlesund said the company had devoted considerable time and resources to completing the acquisition over the past two years.
He described Galaxy Gaming as a strong business. However, he noted that the acquisition was not material to Evolution’s overall operations. According to the company, terminating the deal will have no significant impact on its existing business, U.S. operations, or long-term growth strategy.
Commercial Partnership Continues
Galaxy Gaming also confirmed the end of the proposed acquisition. They noted that the agreement allowed either party to terminate the transaction if closing conditions were not met by July 17, 2026.
The company said it remains focused on expanding its table game portfolio. Additionally, it aims at entering new markets, strengthening customer relationships, and increasing recurring revenue.
Although the acquisition will no longer proceed, both companies stated they intend to continue working together. They will do so under their existing long-term commercial partnership.
