Evolution gives notice of termination of merger agreement with Galaxy Gaming

Evolution to pay termination fee to Galaxy of over £5m

With the deadline for a potential deal not being met, Evolution has now given notice of termination of the merger agreement between Evolution Malta Holding Limited, Galaxy Gaming and Galaga Merger Sub, Inc.

Evolution said it expects to continue working with Galaxy Gaming within the framework of the companies’ existing strong commercial relationship. Evolution is required to pay Galaxy Gaming a termination fee of US$5,234,678 upon termination of the merger agreement, which it intends to do.

As previously reported, pursuant to the terms of the merger agreement, if the merger has not been consummated by satisfaction or waiver of closing conditions on or before July 17, 2026, either Galaxy or Evolution could terminate the merger agreement, subject to certain limitations. As has been widely reported, two remaining gaming regulatory approvals were required for the closing of the merger have not been obtained as of the outside date, and Evolution has not waived those conditions.

“For two years, we have been working with Evolution towards a closing of the Merger Agreement,” said Matt Reback, President and CEO of Galaxy. “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.”