Galaxy Gaming to acquire Progressive Games Partners for $12.4m
Casino table games developer and distributor Galaxy Gaming has agreed a deal to purchase Progressive Games Partners (PGP) for $12.4m (£9.6m/€11.4m).
Under the agreement, Galaxy will acquire 100% of the equity interests in PGP, which owns the exclusive global online rights to a range of proprietary casino table games.
The purchase agreement states that Galaxy will pay between $6.4m and $10.4m in cash to acquire PGP, with the remaining sum to be paid in newly issued shares of Galaxy common stock valued at $1.91 per share.
Galaxy said the acquisition will allow it to exploit more opportunities in the US online casino market by building on existing relationships with casino groups expanding their sphere of operations online, as well as by gaining exposure to new markets and opportunities.