November 8, 2023 3 min read



Sega Sammy Creation has announced it would acquire GAN Ltd. for $84.4 million through a newly established special purpose company in Bermuda

SEGA SAMMY HOLDINGS INC. and its subsidiary SEGA SAMMY CREATION INC. (SSC) have announced they will enter a definitive and amicable agreement to acquire Nasdaq-listed GAN Limited.

The Acquisition, to Close by Q3 Ending in March 2025

SEGA SAMMY’s investment strategy through the fiscal year ending March 31, 2026, includes investing up to ¥250 billion ($1.65 billion) in growth, including ¥100 billion ($662.4 million) in the gaming business. 

After a careful assessment and identification of all investment opportunities in online casino sports betting over the sea with special emphasis on the fast-developing US market, the company deemed the acquisition of the SaaS supplier for casino operators in the US and Business-to-Consumer online gaming operator in Europe and South America a good choice.

The acquisition was agreed upon on November 8, during SEGA SAMMY HOLDINGS’ and SSC’s board of directors meeting. 

The procedure will be completed via SSC’s freshly established special purpose company (SPC) in Bermuda. Both GAN and SSC and GAN have entered into the “definitive agreement” on the same date.

The amicable acquisition has received the support of GAN’s board of directors. The official closing date is set sometime by the third quarter of the fiscal year ending March 2025

The procedure still requires approval from GAN’s shareholders, along with a series of regulatory approvals in those jurisdictions that are relevant to the procedure, as well as the satisfaction of additional customary requirements.

Aligned With SEGA SAMMY’s Growth Strategy 

As explained in the official press release, the company decided to proceed with the acquisition “because it aligns with our growth strategy” while showing potential to bring an important contribution to the extension of their gaming business and gaming portfolio alike. 

SSC expects GAN’s “highly competitive” turnkey technology solution that already allows operators to quickly penetrate the online gaming market to do the same for them. 

The company also mentioned that the complementary nature of GAN’s market-leading online gaming technologies and solutions, combined with SSC’s database of customers and abilities to develop content, are expected to “result in increased distribution of SSC’s compelling casino content and expanded customer reach”.

According to the terms of the deal, GAN, which secured a conditional Nevada license in October, will be acquired at a cost of $1.97 per share. Moreover, GAN shareholders will receive 100% of the consideration from SSC in the form of cash. In exchange, they will need to cancel their shares

The merger between the SPC and GAN will result in GAN as the surviving corporation and the SPC’s shares being turned into GAN shares.

After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.

Leave a Reply

Your email address will not be published. Required fields are marked *