Japanese gaming giant Sega Sammy has officially completed the acquisition of GAN Limited, a leading North American B2B technology provider specializing in real money internet gaming solutions, as well as a significant international B2C operator of internet sports betting. The finalized purchase price reached $96.0 million, slightly exceeding the previously projected $95.8 million. This amounted to a cash payment of $1.97 per outstanding share of GAN, reflecting a premium exceeding 121% relative to GAN’s closing share price on November 7, 2023, the trading day before the acquisition announcement.

With the deal’s closure, GAN’s ordinary shares ceased trading on the Nasdaq stock exchange at the conclusion of trading on May 27, 2025, officially marking the company’s transition from a public to a wholly owned subsidiary under Sega Sammy.

Strategic acquisition and focus on shareholder value:

Seamus McGill, GAN’s Chief Executive Officer, described the acquisition as a pivotal advancement, highlighting the culmination of years of dedicated efforts to craft an exceptional gaming experience tailored to both clients and players. He emphasized that GAN’s board of directors carefully evaluated multiple strategic options aimed at maximizing shareholder value before settling on this transaction. McGill expressed confidence in Sega Sammy’s appreciation of GAN’s assets and talented team, stating, “We look forward to seeing the company continuing to grow with the guidance of a global gaming and entertainment leader.”

The transaction is seen as a critical step that not only rewards shareholders but also offers a strong foundation for GAN’s technology and offerings to expand under Sega Sammy’s stewardship.

From Sega Sammy’s perspective, Senior Executive Vice President and Group CFO Koichi Fukazawa welcomed the addition of the GAN team to the group. He underscored the significant experience GAN holds in the highly competitive U.S. market and praised the robust technical and development resources GAN brings. Fukazawa remarked in the company’s press release, “This marks a new chapter in Sega Sammy’s operations, and we look forward to serving our customers with increased product offerings and resources.”

The acquisition grants Sega Sammy access to GAN’s proprietary GameStack platform—a versatile and scalable technology solution widely used by U.S. gaming operators—and strengthens its foothold outside Japan’s domestic market. Importantly, the deal also includes GAN’s B2C brand Coolbet, which operates across several markets predominantly in Europe, Latin America, and Canada, enabling Sega Sammy to broaden its international consumer reach.

This move aligns with Sega Sammy’s strategic vision of becoming a global leader in online gambling and entertainment, leveraging GAN’s expertise and relationships to accelerate growth in regulated markets.

Recent industry moves and advisory roles:

This acquisition follows Sega Sammy’s purchase of Stakelogic, a Netherlands-based B2B iGaming supplier, finalized in April 2025. Together, these deals signify an aggressive expansion strategy by Sega Sammy aimed at diversifying its portfolio and expanding into new international gaming territories.

Financial advisory support for GAN was provided by B. Riley Securities, Inc., serving GAN’s special committee and board of directors, while legal counsel came from Sheppard Mullin Richter & Hampton LLP. SMBC Nikko Securities acted as the financial advisor to Sega Sammy, with Greenberg Traurig fulfilling the role of legal counsel for Sega Sammy throughout the transaction process.