Sega Sammy is on the verge of completing its second acquisition in quick succession, as the company is poised to take over GAN Limited.
Both GAN and Sega Sammy confirmed that the latter, through its affiliated entity Sega Sammy Creation, is nearing the completion of the planned $95.8m acquisition of the online gaming supplier, first agreed in November 2023.
The takeover is expected to be completed on 27 May, subject to final regulatory approvals and satisfaction of closing conditions. It was initially expected to be finalised before the end of 2024, before being pushed back to Q2 2025.
The string of deals continues Sega Sammy’s push into online gaming. At the end of April, the company completed the acquisition of Stakelogic, despite previously attempting to walk away from the deal.
Initially agreed in July 2024, Sega Sammy had sought to back out of the share purchase agreement due to alleged regulatory concerns and Stakelogic’s failure to adhere to pre-completion obligations.
However, an Amsterdam Court dismissed the arguments and ordered Sega Sammy to proceed with the €130m takeover of the studio, which was subsequently completed on 28 April following “the fulfilment of all necessary conditions for the completion of the acquisition”.
On the Stakelogic deal, Koichi Fukazawa, Senior Executive Vice President and Group CFO of Sega Sammy Holdings, said that the duo will leverage its shared technology, talent and market expertise to “create value that neither company could have achieved alone”.
Upon announcing its intentions to acquire GAN in 2023, the company set out its strategy to invest ¥100 billion (£517.7m) in the gaming sector through the end of the financial year ending March 2026.
As a result, it stated the company is evaluating investment opportunities in online casino and sports betting, particularly in the US market, hence the acquisition of GAN.