Deal to Finalize by Late May, Making GAN a Wholly Owned Subsidiary
Sega Sammy Holdings is closing in on its strategic acquisition of GAN Limited, a leading B2B iGaming platform provider, with the deal expected to complete around 27 May 2025. The move marks a pivotal step in Sega Sammy’s international digital gaming ambitions, as the Japanese powerhouse secures final regulatory approvals to absorb GAN under its gaming-focused affiliate, Sega Sammy Creation (SSC).
$1.97-per-Share Cash Buyout and NASDAQ Delisting
Under the terms of the deal, first announced on 7 November 2023, all outstanding ordinary shares of GAN will be converted into the right to receive $1.97 in cash per share, excluding any interest and subject to applicable withholding taxes. Once finalized, GAN will be delisted from NASDAQ, ending its run as a publicly traded company and becoming a wholly owned subsidiary of SSC.
This acquisition continues Sega Sammy’s broader strategy of strengthening its footprint in global gaming markets — particularly in the real-money and simulated online gambling sectors.
A Technology-Driven Bet on GAN’s GameStack Platform
GAN is well known for its proprietary GameStack™ platform, which powers both real-money internet gaming (RMiG) and simulated gaming solutions for a wide range of B2B and B2C partners in the U.S. and international markets. The technology has proven to be a flexible and scalable system for operators looking to bridge regulated and free-to-play online environments.
The company also runs its own international B2C sports betting operations, positioning it as a hybrid player in the online gaming space.
Part of a Bigger B2B Play: Stakelogic Integration
This move follows Sega Sammy’s €130 million ($146 million) acquisition of Dutch casino content provider Stakelogic in July 2024. That deal included both live dealer and slot offerings, which are expected to integrate with GAN’s infrastructure and Sega Sammy’s broader distribution network to accelerate its B2B growth across Europe and North America.
Final Regulatory Steps Underway
While a few regulatory requirements are still pending, the company emphasized that no further shareholder approvals are necessary. Once completed, the merger will allow Sega Sammy to leverage GAN’s established partnerships, technical expertise, and market access — crucial assets as the Japanese firm ramps up competition against U.S. and European iGaming giants.
Looking Ahead: Sega Sammy’s Strategic Digital Shift
The acquisition signals Sega Sammy’s continued evolution beyond traditional gaming and pachinko machines, aligning itself with the fast-growing online gambling industry — a market projected to surpass $100 billion globally by 2026. With GAN and Stakelogic now in its corner, Sega Sammy is well-positioned to become a serious B2B player in the regulated global iGaming landscape.
