Sega Sammy GAN takeover nears completion
Japanese entertainment group Sega Sammy is close to finalizing all regulatory approvals associated with its proposed takeover of gambling technology company GAN.
The proposal dates back to November 7, 2023, when the pair agreed on a plan under which GAN would become a wholly owned subsidiary of Sega Sammy. The Nevada Gaming Control Board has approved the merger and referred it to the Nevada Gaming Commission.
GAN, registered in Bermuda, is involved in multiple gambling sectors, including the provision of online sports betting technology and turnkey solutions for online gambling. Sega Sammy is involved in both the distribution of gambling products and the operation of casino resorts.
The US$95.8 million takeover will strengthen Sega Sammy’s position in the US gambling sector, adding a new digital asset to its portfolio.
The merger is due to close on May 27 and will be subject to final regulatory approval and the meeting of conditions set out in the original agreement.
The terms include a provision that each GAN share issued and outstanding before the merger will be cancelled and converted into cash at a rate of US$1.97 per share. GAN will also no longer be a publicly traded company.
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