The price represents a cost of $1.97 per share in cash for all of the outstanding shares in GAN, reflecting a 121% to GAN’s closing share price on 7 November 2023, the day before the acquisition was announced.
GAN’s ordinary shares ceased trading on the Nasdaq at the close of trading yesterday.
“Our acquisition by Sega Sammy is an exciting next step for GAN and the culmination of many years of hard work to deliver an unparalleled and unique gaming experience for our clients and players,” said GAN CEO Seamus McGill.
“GAN’s board of directors carefully evaluated a range of options to maximise shareholder value, and Sega Sammy’s recognition of the value of our assets and people leaves us confident that this transaction is in the best interest of our shareholders and provides a home for our assets to flourish.
“We look forward to seeing the company continuing to grow with the guidance of a global gaming and entertainment leader.”Koichi Fukazawa, senior executive VP and group CFO of Sega Sammy, added: “We are excited to be bringing the GAN team onboard. The team brings significant experience in the US market, along with significant technical and development resources.
“This marks a new chapter in Sega Sammy’s operations, and we look forward to serving our customers with increased product offerings and resources.”
The deal is expected to empower Sega Sammy to broaden its online gambling footprint outside its native Japan, by gaining access to GAN’s proprietary GameStack platform and relationships with US gaming operators.
Through the deal, the business also acquired GAN’s B2C brand Coolbet, which operates in multiple markets primarily in Europe, Latin America, and Canada.
The deal follows on from Sega Sammy’s acquisition of Netherlands-based B2B iGaming supplier Stakelogic, which completed in April.
