Tokyo-listed Sega Sammy Holdings Inc. will complete its acquisition of online gaming supplier GAN next week.
The $95.8 million acquisition of GAN was agreed in November 2023 and is on track to complete on May 27, as all closing conditions are expected to be met by May 22.
The acquisition of GAN forms part of Sega Sammy’s move into the online gambling sector alongside its recent acquisition of online casino games developer Stakelogic.
The company sees GAN’s iGaming business as complementary to the customer base and content development capabilities of its Sega Sammy Creation (SSC) subsidiary, which provides gaming equipment and content to land-based casino operators in North America.
Sega Sammy Holdings will pay ¥13.87 billion to acquire GAN, with transaction related expenses expected to push the total cost to ¥15.15 billion.
Shares in Sega Sammy Holdings Inc. (TYO:6460) closed 2.09 per cent lower at ¥2,876.00 per share in Tokyo Tuesday. Shares in GAN Ltd. (NASDAQ:GAN) gained 1.08 per cent to close at $1.88 per share in New York Monday, and were up 3.19 per cent at $1.94 per share in pre-market.