GAN and Sega Sammy merger to close in Q2 2024
Deal News | Feb 10, 2025 | EIN
Sega Sammy and GAN's merger, initially expected to be finalized by the end of 2024, has been delayed to Q2 2024, with a new end date of 31 May. The delay allows both parties additional time to secure necessary regulatory approvals, which have already begun, such as those from Nevada gaming authorities. The merger terms remain unchanged, with GAN merging into Sega Sammy Creation, a subsidiary focusing on land-based casinos. Following the merger, GAN's shares will be delisted from Nasdaq as the company ceases public trading. Sega Sammy sees this acquisition as a strategic move to enhance its growth in the North American market, leveraging GAN's capabilities and responding to challenges in the regulated online gaming sector. GAN shareholders will receive $1.97 per share, an all-cash offer representing a premium over recent trading prices.
Sectors
- Gaming & Gambling
- Mergers and Acquisitions
Geography
- North America – The article discusses growth and market expansion plans in the North American region, which is a strategic focus for Sega Sammy's acquisition of GAN.
- Japan – Sega Sammy is a Japanese company, and the article discusses its strategic acquisition activities with GAN in North America.
Industry
- Gaming & Gambling – The article involves companies in the online gambling and gaming solution sector, focusing on mergers and acquisitions that aim to expand market presence in the US.
- Mergers and Acquisitions – The primary focus of the article is the merger and acquisition deal between Sega Sammy and GAN, highlighting the strategic and financial aspects of the transaction.
Financials
- $107.6 million – The total value of Sega Sammy's acquisition of GAN.
- $1.97 per share – The price per share that Sega Sammy will pay to acquire GAN, an all-cash offer at a premium over recent trading prices.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| GAN | Target company | Companies | GAN is the online gambling solutions provider being acquired by Sega Sammy. |
| Sega Sammy | Bidding Company / Buyer | Companies | Sega Sammy is acquiring GAN as part of its strategy to expand in the North American market. |
| Seamus McGill | Chief Executive of GAN | People | Seamus McGill is the CEO of GAN who commented on the progress of the merger and its strategic importance. |
| Nevada Gaming Commission | Regulatory Authority | Government | The Nevada Gaming Commission provides regulatory approval necessary for the completion of the merger. |