Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems, will buy 100 percent of the equity interests in Progressive Games Partners LLC (PGP). PGP owns the worldwide online rights to a comprehensive suite of proprietary casino table games.
Since signing its first license agreement with Cryptologic in 2003, PGP has worked with leading online operators and platform providers. An integral part of its success is founded on its exclusive online distribution rights for Galaxy’s gaming content, as well as other games, including Perfect Pairs and Caribbean Stud Poker, through its other licensors.
Pursuant to the purchase agreement, Galaxy will pay $12.425 million to acquire all the equity interests in PGP. At least $6.425 million will be paid in cash, and the rest in shares of Galaxy common stock valued at $1.91 per share, according to a news release.
This transaction will enable Galaxy to build on many close relationships with U.S. casino groups that are expanding online, and gain exposure to new markets and opportunities through newly acquired online clientele.
“We see online gaming as a key development and expansion area for our business, and believe that our great table games will be received well as more and more markets open iGaming,” said Todd Cravens, Galaxy’s president and CEO. “This transaction positions us in several ways to control our own destiny in online gaming. First, we get direct relationships with the major online players.