For a total purchase price of $175.9m

GAN completes deal to acquire Coolbet

The €149.1 million ($175.9 million) purchase price was established on a “cash-free, debt-free” basis.
2021-01-05
Reading time 1:09 min
Merger combines GAN’s industry B2B platform with Coolbet’s sportsbook engine, positioning GAN as a full-service B2B solution for real money gaming in the U.S. and as a vertically integrated B2C player in selected international markets. Transaction is expected to be immediately accretive.

GAN Limited  today announced the completion of the Vincent Group p.l.c. (Coolbet) acquisition for a total purchase price of €149.1 million (or $175.9 million)1 in cash and stock, as adjusted pursuant to the Share Exchange Agreement.

The deal sees the integration of Coolbet’s proprietary sports betting technology into GAN’s current B2B technology stack begin in earnest, with broad availability of an integrated offering for the US market anticipated to emerge no later than Q3 2021.

Jan Svendsen, founder of Coolbet, will run continuing operations of Coolbet’s Business-to-Consumer iGaming operations, with a footprint in Northern Europe, Canada, and Latin America in real money iGaming and online sports betting, as well as advise on trading services to U.S. clients with technical integrations.

GAN CEO Dermot Smurfit commented: “The completion of the Coolbet acquisition brings together two best-in-class offerings in the iGaming space today, and makes a powerful combination by creating a fully-integrated offering, customizable for each client’s needs. We have already started to welcome the Coolbet team of over 175 employees and engineering talent to our organization and expect the integration process to be seamless. Over the last few weeks, the GAN and Coolbet teams have spent significant time together outlining our exciting future and have grown even more confident in the numerous revenue synergies that we see across both platforms. We look forward to leveraging one of the most complete solutions in our industry both domestically and internationally, and believe our growth platform is well positioned to drive long-term shareholder value.”

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