Sega Sammy Nears Finalization of GAN Limited Acquisition

Japanese gaming and entertainment conglomerate Sega Sammy Holdings is in the final stages of acquiring GAN Limited, a U.S.-listed gaming technology provider. The transaction, expected to conclude on or about May 27, 2025, follows the anticipated fulfillment of the remaining regulatory approvals required to close the deal.

GAN to Become Fully Owned Subsidiary and Exit NASDAQ

The acquisition, facilitated through Sega Sammy Holdings’ subsidiary Sega Sammy Creation (SSC), will see GAN Limited merge into SSC and become its wholly owned subsidiary. Under the of the agreement, shareholders of GAN will receive $1.97 in cash per share, with the total valuation amounting to approximately $95.8 million. This does not include advisory fees and related transaction costs, which bring the total acquisition cost to about 15.15 billion yen (roughly $104.6 million), based on the May 19 exchange rate of 1 USD = 144.85 yen.

Once finalized, GAN will be delisted from the NASDAQ, ending its tenure as a publicly traded company. According to a press release issued by GAN, all outstanding ordinary shares will be canceled and converted into the cash payout, exclusive of interest and subject to applicable withholding taxes.

Expansion of Sega Sammy’s Gaming Ecosystem

This acquisition marks a strategic move by Sega Sammy to bolster its position in the global online gaming and casino equipment sectors. GAN’s proprietary GameStack platform serves as the core of its operations, enabling both real-money internet gambling and simulated gaming services across B2B and B2C markets. The company primarily caters to land-based casinos in North America, but also extends its presence through Coolbet, a B2C sports betting operation active in parts of Europe and Latin America.

Sega Sammy Creation, which currently provides gaming hardware to casinos in Asia and North America, is expected to integrate GAN’s software capabilities to enhance its product offerings and diversify revenue streams.

Strategic Acquisitions Signal Growth Ambitions

This isn’t Sega Sammy’s only move to expand its footprint. In July 2024, the company announced the acquisition of Dutch iGaming content supplier Stakelogic for €130 million (approximately $146 million). The deal included Stakelogic’s extensive slot game portfolio and live casino studios, positioning Sega Sammy to deepen its B2B market penetration by leveraging Stakelogic’s content across global distribution channels.

According to Sega Sammy’s corporate statements, both GAN and Stakelogic are to be consolidated under the SSC umbrella, aligning with the company’s restructuring plans. In parallel, Sega Sammy is also in the process of transferring its 45% stake in South Korea’s Paradise City casino resort to Sega Sammy Creation—a move designed to streamline its gaming assets under one operational entity.

While no further shareholder approvals are necessary for the GAN acquisition to proceed, the transaction’s finalization remains subject to the completion of pending regulatory conditions. Sega Sammy has indicated that the financial implications of the deal on its consolidated results are still being assessed and will be disclosed at a later date.

Source:

“(Progress of Disclosed Matter) Notice regarding the Acquisition of GAN Limited”, segasammy.co.jp, May 20, 2025