SEGA SAMMY has officially acquired Gaming Account Network (GAN), a North American online gaming solutions provider. GAN will be merged with SEGA SAMMY’s affiliated entity, SEGA SAMMY CREATION (SSC), which acquired GAN’s outstanding securities.
GAN securities worth $1.97 per share in cash represents a premium of over 121% to GAN’s closing stock price. Following the merger with SSC, ordinary shares will cease to be traded on the NASDAQ Global Stock Market.
GAN specializes in internet gaming software-as-a-service solutions predominantly to the U.S. Coolbet, a part of GAN, leads in online sports betting technology across key European and Latin American markets.
GAN created GameSTACK™, a proprietary enterprise software system for internet gaming. It licenses GameSTACK™ to land-based casinos as a turnkey solution for regulated real money online casino gaming. Along with this, GameSTACK also includes online sports betting, and virtual Simulated Gaming.
Senior Executives Weigh In on the GAN Acquisition
Last week, officials announced the pair would complete their merger before month’s end. This deal took 18 months, starting back in November 2023.
Seamus McGill, GAN’s Chief Executive Officer, shared his excitement with the SSC’s merger. He noted that working under SSC will bolster their goal to deliver unparalleled, unique gaming experiences for their clients and players. McGill added:
“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.”
Meanwhile, Koichi Fukazawa, Senior Executive Vice President and Group CFO of SEGA SAMMY, shared the same sentiment. Fukazawa said:
“We are excited to be bringing the GAN team onboard. The team brings significant experience in the U.S. 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.”
In March, GAN released its FY 2024 results, showing a 4% revenue increase year-over-year to $135 million. This growth came mainly from a 17% rise in B2B revenue, reaching $50.7 million. The B2B segment included real money casinos and online sportsbooks.