GAN shareholders approve Sega Sammy acquisition

Green traffic light
Image: Shutterstock

Shareholders of GAN have overwhelmingly approved to push through a deal for the provider to be acquired by gaming company Sega Sammy. 

Over 95% of shareholders who took part in the vote at a special meeting earlier this week voted in favor of the transaction, which will see GAN merged into the Sega Sammy Holdings business.

The deal, which was first agreed in November 2023, sees Sega Sammy Creation pay $1.97 per GAN share, reflecting a 121% premium of its closing price at the end of trading on November 7. 

During the summer, GAN lost one of its major US clients when Wynn Resorts announced the closure of most of its online platforms across the US, instead focusing on an omnichannel strategy in states where it has a land-based presence.

Following the approval, GAN anticipates the transaction to close in late 2024 or early 2025. 

A statement read: If the merger is completed, each GAN ordinary share issued immediately prior to the effective time of the merger will be automatically cancelled and converted into the right to receive $1.97 in cash with respect to each such ordinary share, without interest and less applicable withholding taxes. 

“Upon the completion of the merger, GAN will cease to be a publicly-traded company and its ordinary shares will be delisted from The Nasdaq Capital Market.”