SEGA SAMMY Closes Acquisition of GAN in $1.97-Per-Share Deal
May 29, 2025 Marija D
completed its acquisition of GAN Limited, a U.S.-based provider of B2B internet gaming technology and B2C sports betting solutions. Through its , SEGA SAMMY CREATION INC. (SSC), the Japanese entertainment giant purchased all outstanding shares of GAN for $1.97 per share in cash — a 121% over GAN’s closing price on November 7, 2023, the day before the agreement was announced.
Following the merger, GAN’s shares were removed from the NASDAQ Global Stock Market as of the market’s close on May 27, 2025. This marks the end of an approximately 18-month journey to finalize the deal, which significantly boosts North American gaming sector.
Leadership underscores growth potential post-merger
Commenting on the deal, Seamus McGill, CEO of GAN, called it “an exciting next step for GAN and the culmination of many years of hard work.” He added, “GAN’s board of directors carefully evaluated a range of options to maximize shareholder value, and SSC’s recognition of the value of our assets and people leaves us confident that this transaction is in the best interest of our shareholders and provides a home for our assets to flourish.”
From SEGA SAMMY’s side, Koichi Fukazawa, Senior Executive Vice President and Group CFO, expressed optimism about the integration. “We are excited to be bringing the GAN team onboard. The team brings significant experience in the U.S. market, along with significant 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.”
Deal advisors and financial context
Financial advising for the deal was led by B. Riley Securities for GAN, with Sheppard Mullin Richter & Hampton LLP acting as legal counsel. SEGA SAMMY’s advisors included SMBC Nikko Securities and Greenberg Traurig for financial and legal matters, respectively.
GAN, which has built a reputation through its Coolbet brand and real-money gaming platforms, recently reported a 4% revenue increase year-over-year in 2024, reaching $135 million. Its B2B segment saw a 17% rise to $50.7 million. According to InvestingPro, GAN also recorded a gross profit margin of 68.7% and a 48.1% return over the past year.
Additional developments and future outlook
As GAN transitions into SEGA SAMMY’s portfolio, the company has scheduled its 2025 Annual Shareholders Meeting for June 26. This follows the cancellation of the 2024 meeting in anticipation of the merger. Shareholders of record as of April 29, 2025, will be eligible to vote.
This acquisition follows SEGA SAMMY’s earlier purchase of Stakelogic in July 2024 for €130 million, signaling a continued strategy of expanding its global gaming presence.
Source:
“SEGA SAMMY Completes Acquisition of GAN Limited”, investors.gan.com, May 27, 2025
