Sega Sammy, GAN merger finalized
GAN on Tuesday announced that it has completed its merger with Sega Sammy Creation, an affiliate of Sega Sammy Holdings.
The merger was announced in November 2023.
Sega Sammy, through its affiliated entity, acquired all outstanding securities of GAN for US$1.97 per share in cash, which represents a premium of more than 121% to GAN’s closing stock price on November 7, 2023, the trading day prior to the announcement that GAN entered into a merger agreement with SSC.
GAN’s ordinary shares will cease to be traded on the NASDAQ by the close of trading today.
“Our acquisition by SSC is an exciting next step for GAN and the culmination of many years of hard work to deliver an unparalleled and unique gaming experience for our clients and players,” GAN CEO Seamus McGill said in a statement. “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. We look forward to seeing the company continuing to grow with the guidance of a global gaming and entertainment leader.”
B. Riley Securities served as financial advisor to GAN’s Special Committee and Board and Sheppard Mullin Richter & Hampton LLP served as legal counsel to GAN.
SMBC Nikko Securities served as Sega Sammy’s financial advisor and Greenberg Traurig acted as Sega Sammy’s legal counsel.
“We are excited to be bringing the GAN team onboard,” Sega Sammy Senior Executive Vice President and Group CFO Koichi Fukazawa said in a statement. “The team brings significant experience in the US 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.”
Dig deeper
Verticals:
Sectors:
Topics:
