Evolution has officially abandoned its planned acquisition of Galaxy Gaming, bringing an end to a deal that had remained in limbo after failing to secure all required regulatory approvals before its final deadline.
The live casino supplier confirmed it has terminated the merger agreement with Galaxy Gaming after the extended closing deadline of July 17, 2026, passed without the remaining approvals being obtained. Under the agreement, either party was entitled to walk away once the deadline expired, and Evolution exercised that right on July 21.
The acquisition, first announced in July 2024, was intended to strengthen Evolution’s position in online casino content by adding Galaxy Gaming’s portfolio of proprietary table games and progressive jackpot technology. The original closing deadline had been set for November 2025 but was later extended by both companies to allow additional time for regulatory clearances.
Despite ending the transaction, Evolution said it expects its commercial partnership with Galaxy Gaming to continue unchanged, stressing that the companies will maintain their existing business relationship. The company also confirmed it will pay Galaxy Gaming the contractual termination fee of $5.23 million, as required under the merger agreement.
Galaxy Gaming expressed disappointment over the outcome but said it remains focused on expanding its portfolio of table games and gaming technologies. Chief Executive Officer Matt Reback noted that, while the merger will no longer proceed, the company has continued investing in product development, new markets and recurring revenue opportunities throughout the two-year approval process.
The announcement comes just days after Evolution published its second-quarter 2026 financial results. The company reported a slight decline in revenue and EBITDA compared with the same period last year, while net profit and earnings per share improved. Management highlighted stronger performance across most regions but acknowledged that trading conditions in Asia remain challenging.
The cancelled acquisition also follows another recent development for Evolution, which earlier this month reached a £4.75 million settlement with the UK Gambling Commission, resolving a licence review related to compliance issues identified in 2024.