Sega Sammy completes agreement to acquire GAN Limited

A Japanese firm named Sega Sammy has completed the purchase of GAN Limited, a Nasdaq-listed SaaS provider for US casino operators and B2C online gaming operators in Europe and South America.

Every share of GAN that is now in circulation will be purchased for $1.97 in cash if the deal is approved and carried out by the company’s shareholders.

Sega Sammy promised to support GAN in growing its game portfolio and gaming industry.

As of November 7, 2023, the last trading day before the date of this announcement, the value reflects a 121 percent premium over GAN’s ordinary share closing price. The industry has identified the online gaming markets in the United States with a focus on the iGaming sector, which is expected to develop significantly in the next years.

Sega Sammy’s client base and content development skills, which supply gaming gear and content to North American land-based casino operators, are complementary to GAN’s industry-leading online gaming technologies and solutions. This is anticipated to lead to a greater distribution of Sega Sammy’s captivating casino content and an increased customer base.

According to Seamus McGill, Chairman and Interim CEO of GAN, “the near-term operating environment challenging without ample capital resources, as well as changes to key customer contracts, as well as market share concentration in the US B2C space and slower than expected adoption of regulated online gaming in the US.”

Original story by: Asia Gaming Brief