Evolution has officially ended its planned $85 million acquisition of Galaxy Gaming. The deal was called off because the companies could not secure the necessary regulatory approvals before the agreement's deadline.
Deal Structure and Termination
The merger was initially announced in 2024 with a projected closing date in mid-2025. However, the regulatory approval process proved to be the final hurdle. Under the terms of the merger agreement, Evolution is required to pay a termination fee exceeding $5 million to Galaxy Gaming.
The acquisition was originally designed to expand Evolution's market presence. The failure to obtain the remaining approvals triggered the termination clause within the merger contract.