Sega Sammy Completes Its Acquisition of GAN

GAN Limited, a leading B2B provider of solutions to the iGaming industry confirmed that its merger with Sega Sammy, a Japanese global holding company, has been completed. This is consistent with Sega Sammy’s earlier announcement, which said that the deal would close on May 27.

GAN Joins the Sega Sammy Family

As outlined in Sega Sammy’s earlier report, the holding company has, through its Sega Sammy Creation subsidiary, acquired GAN via a share buyout. All of GAN’s shares were acquired by Sega Sammy for $1.97 apiece in cash. This price represents a premium of more than 121% to GAN’s stock price on November 7, 2023 – the day on which the M&A deal was announced.

As a result of the transaction, GAN’s ordinary shares will no longer be traded on the NASDAQ Global Stock Market.

By acquiring GAN, Sega Sammy would secure access to a leading iGaming supplier with a strong presence across several continents. While GAN focuses primarily on the US, its Coolbet division is well-known as a market-leading operator of in-house online sports betting tech in Europe and Latin America.

GAN’s GameSTACK internet gaming enterprise software system, on the other hand, is an all-in-one solution for online casino and sports betting operators.

Sega Sammy Is Happy to Bring the GAN Team on Board

Executives commented on the deal and its potential to benefit both parties. According to GAN’s chief executive officer, Seamus McGill, the company’s acquisition by Sega Sammy Creation is an “excellent step” for his team and a recognition of GAN’s many years of hard work.

McGill explained that the decision to join the Sega Sammy family was not lightly taken and followed an extensive evaluation of a range of options. He said that the board of directors determined that Sega Sammy’s offer was in the company’s best interest and would benefit the business in the long run.

We look forward to seeing the company continuing to grow with the guidance of a global gaming and entertainment leader.

Seamus McGill, CEO, GAN

Koichi Fukazawa, Sega Sammy’s senior executive vice president and chief financial officer, was likewise pleased about the arrangement. He said that he can’t wait to onboard the experienced GAN team and open a “new chapter” in Sega Sammy’s operations.

Fukazawa concluded: “This marks a new chapter in SEGA SAMMY’s operations, and we look forward to serving our customers with increased product offerings and resources.”