Galaxy Gaming seal Progressive Games deal for $12.4 million
Galaxy Gaming the world-renowned independent table games provider are set to confirm the purchase of Progressive Games for a whopping $12.4 million!
Of the deal, a minimum of $6.4 million shall be paid in cash but no more than $10,4 million. Any amount that is not paid will be done via the shares of Galaxy Gaming’s stock which is valued at around $1.90 each.
Galaxy Gaming have stated that they expect the acquisition of Progressive Games will increase the earnings as well as enabling the distributors of the table games on the casino to make sure that there is continued growth in the financial sector. Graphics and design quality is equally as important at casinos and thanks to https://casinosites.bet/ finding casino sites with smooth graphics has never been easier
There are hopes that the deal will let the firm efficiently exploit the opportunities that are given to them by the US online casino market which is constantly growing. In addition to this, exposure should be gained to new markets and plenty of opportunities via the new clientele.
Todd Cravens the company president and CEO of Galaxy Gaming said,
“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. Second, we get full control of how our own content – and the content we get from others – is licensed to those operators. And we are taking all these steps as online gaming is expanding across the United States. We’re excited by this opportunity and challenge.”
Progressive Play own exclusive rights to various top online casino tables and in addition to this they laud a big part of their success to online distribution rights for the content on Galaxy Gaming content, this includes titles such as Caribbean Stud Poker and Perfect Pairs.
Chris Reynolds the CEO of Progressive Games said,
“Galaxy’s games have been our most important revenue producers. I have no doubt that those games will continue to enjoy great popularity and success in the regulated online gaming markets, and we are already developing our strategy and relationships to ensure that they will be well positioned to participate in the expanding US market. I look forward to working with Todd and the Galaxy team to continue as one entity the success we have had separately.”