Japan-based gaming giant Sega Sammy Holdings, formed after the merger of Sega and Sammy Corporation, has announced its definitive agreement to acquire GAN, a leading online gambling solutions provider, for approximately $107.6 million.
Under this agreement, Sega Sammy will pay $1.97 per share, reflecting a 121% premium over GAN's closing price on November 7th, the day before the announcement.
The acquisition is a strategic move by Sega Sammy to enhance its gaming business and broaden its gaming portfolio. Sega Sammy already operates an integrated resort through Paradise City in Japan and provides gaming equipment and content through its subsidiary, Sega Sammy Creation (SCC).
The focus of this expansion will primarily be on the growing US iGaming market, aligning with Sega Sammy's strategy to capitalize on the promising opportunities emerging in the United States as more states legalize online gambling.
"We believe it will greatly contribute to the expansion of our gaming business and gaming portfolio," stated Sega Sammy. The deal is subject to various approvals, including a GAN shareholder vote, expected no later than March 2024. Pending approvals, the acquisition is anticipated to conclude before the end of 2024.
GAN's chairman and interim CEO, Seamus McGill, expressed his confidence in the acquisition, stating, "This all-cash offer, at a substantial premium to recent trading prices, is the value-maximizing path for our shareholders."
This move follows Sega Sammy's recent acquisition of Rovio Entertainment, the developer behind the Angry Birds franchise, solidifying Sega Sammy's position as a major player in the global gaming industry.
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