It has been roughly 15 months since Sega Sammy announced it was going to buy technology company GAN for $107 million but the company needs additional time to finalize the deal.
Feb. 7 was the original deadline to close the transaction, but the company announced it has extended the end date of the deal to May 31, 2025.
The parties continue to respond to regulatory requests. This process takes time, but we are making great progress and working with SEGA SAMMY in anticipation of a successful closing,” said GAN CEO Seamus McGill.
The release announcing the extension said the added time is to allow for the completion of necessary regulatory approvals for the sale to be fully approved and go through.
Once the sale is complete, GAN will delist from NASDAQ and pay out $1.97 per share to shareholders.
Sammy Sega offered to buy GAN in 2023 after the sportsbook platform provider lost one of its biggest partners when Wynn Interactive pulled out of the U.S. market.
“Sega Sammy has those resources and GAN is a strategic complement to their existing gaming portfolio. We believe this all-cash offer, at a substantial premium to recent trading prices, is the value-maximizing path for our shareholders,” McGill said at the time.
This is not the only major gaming acquisition for Sega Sammy. The company is also in the midst of acquiring Stakelogic, a B2B online casino provider, for roughly $140 million. That deal is currently scheduled to close in either April or May of this year.
The two deals position Sega Sammy with a strong portfolio to work with North American operators seeking to offer sports betting and online casinos in the U.S. However, these acquisitions also coincide with a nationwide slowdown in new gaming states, with operators like BetMGM anticipating that they get no new markets legalized in 2025.
