Key points:
- Sega Sammy Holdings is nearing final regulatory clearance to acquire GAN Limited
- The $1.97-per-share cash deal will result in GAN becoming a wholly owned subsidiary and delisting from NASDAQ
- GAN’s proprietary GameStack platform offers real money internet gaming and simulation technologies across B2B and B2C markets
Sega Sammy Holdings is on track to finalise its acquisition of GAN Limited, with the closing of the transaction expected to take place around 27 May 2025.
The Japanese entertainment and gaming conglomerate, acting through its affiliate Sega Sammy Creation (SSC), announced that it is nearing completion of the gaming regulatory approvals necessary to finalise the deal.
The agreement, originally signed on 7 November 2023, outlines that GAN will merge into SSC and become its wholly owned subsidiary.
Upon completion, each outstanding ordinary share of GAN will be converted into the right to receive $1.97 in cash, excluding interest and subject to withholding taxes.
Good to know: The transaction will also result in GAN’s removal from the NASDAQ exchange, effectively ending its status as a publicly traded company
GAN operates primarily as a B2B technology provider in North America, delivering regulated internet gaming and sports betting solutions through its GameStack enterprise software platform. It also runs a B2C international sports betting operation.
In July 2024, Sega Sammy announced its €130m ($146m) acquisition of Dutch casino content supplier Stakelogic. That deal included Stakelogic’s live casino studio and slot offerings, which are expected to integrate with Sega Sammy’s international distribution channels to accelerate its B2B growth.
Completion of the GAN merger remains contingent upon the finalisation of outstanding regulatory conditions outlined in the agreement. However, no additional shareholder approvals are expected prior to closing.
