Galaxy Gaming Reviews Next Steps After Merger Deadline

Galaxy Gaming is weighing its next move after the July 17 deadline tied to its planned acquisition by an Evolution subsidiary passed without completion of the transaction.

The Las Vegas-based table games developer confirmed that neither side has ended the merger agreement, despite the expiration of the agreed outside date. The company stated that it is currently considering whether to pursue another extension that could allow the deal to proceed or to terminate the agreement altogether.

The proposed acquisition dates back to July 2024, when Evolution Malta Holding Limited and its wholly owned subsidiary, Galaga Merger Sub, agreed to acquire Galaxy Gaming in a cash transaction valued at approximately $85 million. Under the arrangement, Galaga Merger Sub would merge into Galaxy, with Galaxy continuing as a wholly owned subsidiary of Evolution.

The companies had previously extended the merger agreement through July 17, 2026, reiterating their intention to complete the transaction. Under the terms of the agreement, either party gained the right to terminate the deal if all closing requirements had not been fulfilled or waived by that date, subject to certain limitations.

Regulatory Approvals Remain Outstanding

According to statements from Galaxy, two required gaming regulatory approvals remain outstanding. Those approvals had not been obtained by the July 17 deadline, and Evolution chose not to waive the conditions. As a result, the merger remains incomplete even though the contractual outside date has now passed.

Galaxy said in a statement it is reviewing available paths forward. These include requesting another extension to provide additional time for the regulatory process or ending the agreement.

The company emphasized that the merger agreement itself remains in effect because neither party has exercised its termination rights.

Galaxy President and Chief Executive Officer Matt Reback reflected on the lengthy process while also pointing to the company’s operational progress during that period.

“For two years, we have been working with Evolution toward a closing of the merger agreement,” Reback said. “During this same time, we have also been focused on growing Galaxy by increasing the range of our table games products, expanding into new markets, deepening partnerships with new and existing customers, increasing the share of our recurring revenues, and assembling a team of the highest caliber individuals possible. We are excited about the trajectory of the company, and we look forward to a continued relationship with Evolution.”

Evolution Comments on Expired Closing Period

Evolution also addressed the status of the proposed acquisition in its Interim Report for January–June 2026, published on July 17.

Chief Executive Officer Martin Carlesund acknowledged that the agreed closing period had ended and confirmed that both companies now have the option to terminate the agreement. He also commented on the amount of work involved in pursuing the acquisition over the past two years.

“Two years have passed, and Evolution has spent significant time, effort and resources handling the rather large amount of administration required to close this acquisition. Galaxy is a great company; however, due to its size, the transaction is not significant for Evolution. The outcome has no material impact on our existing business, our U.S. operations, or our long-term ambitions.”

The remarks indicate that Evolution does not view the outcome of the transaction as critical to its broader business strategy, even though the company has continued working toward completion since the deal was first announced.

Galaxy Continues Operating Amid Uncertainty

While discussions surrounding the acquisition remain unresolved, Galaxy highlighted its continued business development efforts. The company said it has spent the past two years broadening its portfolio of table game products, entering additional markets, strengthening relationships with customers and increasing recurring revenue streams.

Galaxy operates as an independent developer and distributor of casino table games, gaming technology and bonusing systems for land-based and online casinos. Through its digital division, the company licenses proprietary table games to online gaming operators around the world.

The company currently holds more than 130 licenses globally, including licenses across 28 U.S. states and more than 30 countries.