Evolution AB (publ) (“Evolution”) has given notice of termination of the merger agreement between Evolution Malta Holding Limited, Galaxy Gaming, Inc. (“Galaxy Gaming”) and Galaga Merger Sub, Inc.
Evolution 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 USD 5,234,678 upon termination of the merger agreement, which it intends to do, the company said in a press release.
Evolution’s decision brings an end to its proposed acquisition of Galaxy Gaming, a deal first announced in July 2024. Under the agreement, Evolution planned to acquire the Las Vegas-based developer and licensor of proprietary casino table games and technology for approximately $85 million, expanding its portfolio across both online and land-based gaming.
The transaction was subject to customary closing conditions, including approvals from multiple gaming regulators. While several regulatory approvals were obtained, the process took longer than anticipated. In November 2025, the companies agreed to extend the merger agreement’s outside date to July 17, 2026, stating that they expected the remaining approvals to be received during the first quarter of 2026.
However, the approvals were still outstanding when the extended deadline expired. On July 20, 2026, Galaxy Gaming announced that two required gaming regulatory approvals had not yet been obtained. The company said that, under the merger agreement, either party was entitled to terminate the transaction after the outside date had passed and that it was evaluating whether to negotiate another extension or end the agreement.
The proposed acquisition was part of Evolution’s broader expansion strategy to strengthen its position in the online casino sector by adding Galaxy Gaming’s portfolio of table game titles, including proprietary games and technology solutions. Galaxy Gaming, founded and headquartered in Las Vegas, provides casino table games, systems, and content to operators and land-based casinos in regulated markets.
