Sega Sammy Creation (SSC), a subsidiary of Sega Sammy, announced its acquisition of GAN in November of last year, with a deal worth $107.6m. The acquisition is subject to various closing conditions, including approval from GAN shareholders. A vote held on February 13th saw over 95% of shareholders in favor of the deal.
Shareholders also approved compensation for GAN’s named executive officers in connection with the merger. The deal is expected to be finalized by late 2024 or early 2025, with GAN merging with SSC’s special purpose company and becoming the surviving corporation after the merger.
Upon completion, GAN will no longer be publicly traded, delisting from the Nasdaq Capital Market. Sega Sammy aims to expand its gaming business through this acquisition, focusing on the US igaming market which presents growth opportunities with the legalization of igaming in more states.
The decision to acquire GAN follows a strategic review initiated by GAN in Q1 of last year to enhance shareholder value. This acquisition adds to Sega Sammy’s expanding portfolio, following the merger with Sammy Corporation and the purchase of Rovio Entertainment, known for the Angry Birds franchise, for €706.0m in August.
