Sega Sammy nears final approval for GAN acquisition ahead of May 27 merger
Sega Sammy Holdings, through its affiliated entity Sega Sammy Creation (SSC), is nearing completion of the procurement of all gaming regulatory approvals necessary to complete its planned acquisition of GAN Limited, the companies have confirmed.
GAN and SSC are parties to an Agreement and Plan of Merger dated November 7, 2023, pursuant to which GAN would merge into and become a wholly owned subsidiary of SSC. The deal was initially expected to be finalized before the end of 2024, but was ultimately pushed back to Q2 of this year.
The closing of the merger is now expected to occur on or about May 27, 2025. The closing remains subject to final gaming regulatory approvals and satisfaction of conditions to closing set out in the Merger Agreement.
If the merger is completed, each ordinary share of GAN issued and outstanding immediately prior to the effective time of the Merger will be cancelled and converted into the right to receive $1.97 in cash, without interest and less applicable withholding taxes. GAN will also cease to be a publicly traded company.
In July last year, Sega Sammy also purchased online game creator Stakelogic for $143.2 million.
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