Nevada Gaming Commission approves Sega Sammy's acquisition of GAN
Acquisition heads towards final stages with completion of $107.6m deal expected to occur in late 2024 or early 2025
The merger between GAN and video games giant Sega Sammy has been approved by the Nevada Gaming Commission to bring the transaction one step closer to its completion.
First announced in November 2023, Sega Sammy’s acquisition of GAN, a deal worth $107.6m, is expected to be finalised in late 2024 or early 2025.
In June, GAN secured clearance from the Committee on Foreign Investment in the United States to complete the merger with the video games company.
The closing of acquisition is still subject to customary closing conditions, including gaming regulatory approvals.
Upon completion, the supplier will no longer be a publicly traded company, and its shares will be removed from the Nasdaq.
The business confirmed that ordinary GAN shares issued just before the merger will be cancelled and converted to $1.97 in cash, which will be given to the respective shareholder. Need in sterling?
GAN created a special committee, made of solely independent directors, to consider and negotiate the price of the sale.
This followed a strategic review of the business last April.
Explaining why the decision was made to sell to Sega Sammy, then-CEO Dermot Smurfit pointed to market share concentration in the US B2C space and slow regulation in the US.
Smurfit resigned in September after 13 years in charge and was replaced by GAN chair Seamus McGill on an interim basis.
McGill was given the role on a permanent basis in February.