GAN merger deal with Sega Sammy approved by shareholders

Shareholders have decisively approved the $107.6 million merger of online gambling company GAN Ltd. with casino equipment manufacturer Sega Sammy Creation Inc.

Sega Sammy Creation, a division of Sega Sammy Holdings Inc. in Japan, said in November that it would purchase GAN via a special purpose company for US$1.97 per share. GAN offers business-to-business software services in the US in addition to consumer services in Europe and South America.

A press statement from GAN said that over 95% of votes were cast in support of the merger agreement and the merger itself. Nearly 51% of GAN’s outstanding common shares as of January 2, 2024, were present at the meeting.

The merger is expected to be completed in late 2024 or early 2025, subject to closing conditions and approval from the applicable gaming regulators.

Following the sale, GAN will no longer be a publicly listed corporation.

Sega Sammy Holdings’ management emphasized the acquisition’s potential for major synergies with other group companies, especially in view of the possibility that the iGaming sector would be legalized in additional US states.

Recently, Sega Sammy provided GGRAsia with a detailed description of their internet approach.

Original story by: GGRAsia