Las Vegas, USA (May 27, 2025) – GAN Limited, a leading North American B2B technology provider for real money internet gaming and an international B2C sports betting operator, announced today that it has completed its merger with an affiliate of SEGA SAMMY HOLDINGS INC.
SEGA SAMMY, acting through its affiliated entity SEGA SAMMY CREATION INC. (SSC), acquired all outstanding securities of GAN for $1.97 per share in cash. This price represents a premium of over 121% to GAN’s closing stock price on November 7, 2023, the trading day before the initial merger agreement announcement.
As a result of the completed transaction, GAN’s ordinary shares will cease trading on the NASDAQ Global Stock Market effective at the close of trading today.
Seamus McGill, GAN’s Chief Executive Officer, commented on the development, stating, “Our acquisition by SSC 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.” He added that GAN’s board evaluated options to maximize shareholder value and is confident this transaction is in the best interest of shareholders, providing a home for GAN’s assets to grow under the guidance of a global gaming and entertainment leader.
Koichi Fukazawa, Senior Executive Vice President and Group CFO of SEGA SAMMY, expressed enthusiasm about the merger. “We are excited to be bringing the GAN team onboard,” Fukazawa said in the announcement. He noted that the GAN team brings significant experience in the U.S. market, along with 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,” he concluded.
B. Riley Securities, Inc. served as financial advisor to GAN’s Special Committee and Board of Directors, while Sheppard Mullin Richter & Hampton LLP provided legal counsel to GAN. SMBC Nikko Securities advised SEGA SAMMY financially, and Greenberg Traurig acted as their legal counsel.
GAN is known as a leading business-to-business supplier of internet gaming software-as-a-service solutions primarily serving the U.S. land-based casino industry. Its division, Coolbet, is a market-leading operator of online sports betting technology in select European and Latin American markets. GAN developed the proprietary GameSTACK™ software system, which it licenses to casino operators as a turnkey solution for regulated real money internet gaming, including casino, sports betting, and virtual simulated gaming.
SEGA SAMMY is the holding company for the SEGA SAMMY Group, which operates in Entertainment Contents (games, toys, animation), Pachislot and Pachinko Machines, and Gaming Businesses (integrated resorts, casino products, software). SSC, the affiliate that acquired GAN, is a wholly-owned subsidiary of SEGA SAMMY and, along with its subsidiary SEGA SAMMY CREATION USA Inc., develops, manufactures, and distributes land-based and online/social casino gaming products and software.
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