Sega Sammy Holdings is on track to finalize its $95.8 million acquisition of GAN Limited, marking the group’s second major gaming deal in less than a month. The merger, conducted via its affiliate Sega Sammy Creation, is expected to wrap up around May 27, pending final regulatory approvals.
The transaction, originally slated to close in late 2024, was later moved to the second quarter of 2025. Once complete, GAN will become a wholly owned subsidiary and its shares will be delisted. Shareholders will receive $1.97 per share in cash, excluding interest and taxes.
Back-to-Back Deals Signal Major Online Push
This acquisition follows Sega Sammy’s recent completion of its €130 million ($142.2 million) purchase of Dutch iGaming provider Stakelogic. Initially agreed in July 2024, the deal faced delays due to a legal dispute over regulatory concerns. A Dutch court eventually compelled Sega Sammy to honor the agreement, clearing the way for completion on April 28.
With Stakelogic now under its wing, Sega Sammy aims to blend technical expertise and global reach with its new partners. “Together, we can deliver more than either company could alone,” said Koichi Fukazawa, Senior EVP and Group CFO.
Strategic Bet on Digital Gambling
The twin deals are part of Sega Sammy’s broader plan to invest ¥100 billion (roughly £517 million) in the gaming sector by March 2026. That investment strategy includes a sharp focus on U.S. online casino and sports betting markets, where GAN operates extensively.
GAN’s GameSTACK platform powers real money internet gaming for land-based casinos in the U.S., while its Coolbet brand leads in online sports betting across select European and Latin American markets.
Restructuring Ties In with Growth Plans
Alongside its acquisition strategy, Sega Sammy is also reorganizing its assets. The company plans to transfer its 45% stake in Paradise City, a South Korean integrated resort, under Sega Sammy Creation starting in June. This move aligns with the timing of both the GAN and Stakelogic acquisitions, as Sega Sammy streamlines its gaming operations under one subsidiary.
Outlook
With regulatory approvals nearly in hand, Sega Sammy is poised to solidify its presence in the global iGaming space. As both GAN and Stakelogic prepare to operate under the Sega Sammy Creation banner, the company’s ambitions in digital gambling are moving quickly from strategy to execution.
