Sega Sammy Holdings is nearing the final regulatory steps in its acquisition of GAN Limited, with the deal expected to close around 27 May.
The transaction, valued at $1.97 per share in cash, is being carried out through Sega Sammy Creation (SSC), the company’s casino and gaming tech-focused subsidiary.
Originally announced in November 2023, the acquisition has since undergone regulatory scrutiny and is now approaching its conclusion. Once completed, GAN will become a fully owned subsidiary of Sega Sammy and will be delisted from the Nasdaq, effectively ending its status as a publicly traded company.
The deal does not require any additional shareholder approvals. Upon closing, all outstanding shares of GAN will be exchanged for $1.97 in cash, subject to standard interest and withholding terms.
GAN Limited is a North American-focused B2B gaming software provider known for its GameStack platform. The technology supports regulated online gaming and sports betting, offering operators services such as account management, payments, geolocation, and game aggregation. GAN also has a smaller B2C presence internationally, though its primary focus has been enterprise-level solutions.
This acquisition fits within Sega Sammy’s strategy to broaden its reach in the international online gaming sector. By acquiring GAN, the Japanese entertainment giant secures access to its proprietary platform and established relationships with US gaming operators. The move strengthens Sega Sammy’s position in regulated markets outside Japan.
The GAN acquisition follows Sega Sammy’s recent expansion activity, including its €130 million purchase of Dutch casino content provider Stakelogic in April. That deal added slot games and live casino products to Sega Sammy’s portfolio and is expected to enhance its content distribution across Europe.
Once the GAN deal is finalised, it will complement Sega Sammy’s digital strategy by adding critical infrastructure and market expertise in the US. Together, GAN’s platform and Sega Sammy’s technology capabilities will enable the delivery of integrated solutions for casino operators globally. Only final regulatory approvals, including gaming authority clearance in key markets, remain before the deal closes.
