Japan’s Sega Sammy Holdings Inc, parent of gaming equipment supplier Sega Sammy Creation Inc, is expected to conclude the acquisition of Nasdaq-listed GAN Ltd “on or about May 27”.
The announcement was made by GAN in a press release issued on Monday.
GAN is a business-to-business supplier of Internet gaming software-as-a-service solutions, serving primarily the U.S. land-based casino industry. Coolbet, a division of GAN, operates proprietary online sports betting technology in selected European and Latin American markets.
The Monday release stated that Sega Sammy, through Sega Sammy Creation, was “nearing completion of procurement of all gaming regulatory approvals necessary to complete its planned acquisition of GAN”.
The document added that, once the deal is completed, each ordinary share of GAN issued and outstanding would be cancelled and converted into the right to receive US$1.97 in cash, without interest and less applicable withholding taxes.
Once the acquisition is finalised, GAN will cease to be a publicly traded company.
The acquisition of GAN was announced in November 2023. At the time, the step was said to involve an aggregate amount of US$107.6 million.
Sega Sammy Creation currently supplies gaming equipment to casinos in North America and Asia. Sega Sammy Holdings is also an investor in the Paradise City casino resort in South Korea, holding a 45-percent stake in the project.
In February, the parent stated that it intended to transfer its interest in Paradise City to Sega Sammy Creation from June this year.
Sega Sammy Holdings noted at the time that the restructuring would be “in line with the closing timing” of the acquisitions of GAN and Stakelogic BV, both of which were “underway” and expected to be completed in the second quarter of 2025. The two firms are to become subsidiaries of Sega Sammy Creation, the parent company said at the time.
Last month, Sega Sammy confirmed the completion of its acquisition of Stakelogic, a Netherlands-based company operating as a business-to-business (B2B) iGaming content supplier.
