Sega Sammy Finalizes Purchase of GAN, Now Owns Interactive Gaming Solutions Provider
Leading iGaming Provider GAN Limited Officially Merges with Sega Sammy
In a significant move for both companies, GAN Limited, a prominent B2B iGaming solution provider, has completed its merger with Sega Sammy, a global Japanese holding company. The deal, as previously announced by Sega Sammy, was set to close on May 27.
The merger was facilitated through Sega Sammy Creation's acquisition of GAN via a share buyout. Each GAN share was acquired by Sega Sammy for $1.97 in cash, representing a premium of over 121% compared to the company's stock price on November 7, 2023 - the day the merger was initially announced.
As a result of this transaction, GAN's ordinary shares will no longer be traded on the NASDAQ Global Stock Market.
The acquisition gives Sega Sammy access to a leading iGaming supplier with a robust presence across various continents. GAN focuses primarily on the U.S., while its Coolbet division is known as a market leader in Europe and Latin America for its online sports betting technology. GAN's GameSTACK, an all-in-one solution for online casino and sports betting operators, is another valuable asset.
Sega Sammy executives have expressed optimism about the deal and its potential benefits. GAN's CEO, Seamus McGill, deemed the acquisition by Sega Sammy Creation as an "excellent step" for his team and a testimony to GAN's years of hard work. He highlighted the extensive evaluation of various options before deciding that Sega Sammy's offer was in the company's best interest.
Koichi Fukazawa, Sega Sammy's senior executive vice president and chief financial officer, expressed his enthusiasm about welcome the experienced GAN team and starting a "new chapter" in Sega Sammy's operations.
With this acquisition, Sega Sammy strengthens its digital and online gaming offerings and expands its presence in key markets such as the U.S., Europe, and Latin America. The integration of GAN's technology could lead to new cross-platform opportunities and enhance the digital entertainment experience for consumers.
The merger between GAN Limited and Sega Sammy has opened avenues for sports betting, as GAN's Coolbet division, known as a market leader in Europe and Latin America, offers advanced online sports betting technology. This acquisition will also boost Sega Sammy's finance and business prospects, as its GameSTACK solution can provide comprehensive services for online casino and sports betting operators, potentially leading to innovation in digital technology for the gaming industry.
