GAN secures government go-ahead for Sega Sammy merger
Wheels in motion for $107.6m deal with the video game firm, due to complete in late 2024 or early 2025
GAN has been given clearance by the Committee on Foreign Investment in the United States (CFIUS) to complete its $107.6m merger with video game company Sega Sammy Creations (SSC).
The merger is still subject to customary closing conditions, as well as approval of the merger and change in control of GAN by certain gaming authorities.
Should all conditions be met and approvals received, the deal is expected to be finalized in late 2024 or early 2025.
GAN board members first voted in favor of the Sega Sammy merger in November 2023.
A special committee was formed, made up solely of independent directors, specifically to negotiate the terms of the deal.
If the deal goes through, each of GAN’s ordinary shares issued before the merger will be automatically cancelled and converted into the right to receive $1.97 per share.
GAN will also cease to be a publicly traded company, with its ordinary shares delisted from the Nasdaq stock market and deregistered under the Securities Exchange Act of 1934.
After the initial deal was struck, GAN appointed Seamus Gill as CEO on a permanent basis, after he served on an interim basis following Dermot Smurfit’s departure in September 2023.
Gill’s primary task as new permanent CEO was to see the Sega Sammy merger over the line.