Another Nevada Regulator Greenlights Sega Sammy’s Takeover of GAN

GAN Limited, a leading B2B provider of online gambling solutions and B2C sportsbook operator has confirmed that its merger with Sega Sammy has inched closer to realization. According to the gambling company it has finally secured a license from the Nevada gaming regulator, allowing the deal to move forward.

The Deal Moves Forward

Sega Sammy moved in for the acquisition in late 2023, announcing its intention to buy out the North American company in a multi-million deal. The transaction was quickly approved by GAN’s stakeholders, prompting the next stages of the acquisition.

Last month, the M&A agreement cleared another major regulatory obstacle, providing GAN and Sega Sammy with further momentum. The approval in question came from the Nevada Gaming Control Board, which greenlit the deal, allowing the case to proceed to the Nevada Gaming Commission.

Now, the commission has likewise given its blessing to Sega Sammy and GAN. As matters stand, the two companies expect their merger to close in late 2024 or early 2025.

GAN emphasized that the agreement is still subject to other customary closing conditions, including additional gaming regulatory approvals.

What Happens Next?

If the deal is completed, GAN’s ordinary shares that have been issued immediately prior to the effective time of the merger will be automatically canceled and turned into the right to receive $1.97 in cash.

Once the agreement closes, GAN will cease to operate as a publicly traded company. As a result, its shares will be delisted from the Nasdaq Capital Market and deregistered under the Securities Exchange Act of 1934.

As mentioned, Sega Sammy set out to acquire GAN in 2023, seeking to expand its gaming capabilities. The company previously acquired gaming content powerhouse Stakelogic in a similar deal that closed in July.

The Stakelogic acquisition cost Sega Sammy $143.2 million, while the GAN deal is expected to cost the company approximately $107.6 million, or $1.97 per share.