Sega Sammy completes GAN acquisition, revises final price

Sega Sammy Holdings announced the completion of its acquisition of GAN Limited, a Nasdaq-listed SaaS provider for casino operators in the United States and B2C online gaming operator in Europe and South America. The acquisition, executed through Sega Sammy Creation Inc. (SSC), was finalized on May 27, 2025. The final acquisition price was revised due to a recalculation of the number of shares. The revised estimate stands at USD96.0 million, or approximately JPY13.85 billion, for the consideration of shares outstanding and amount of stock compensation of GAN. Advisory fees and other expenses add approximately JPY1.28 billion, bringing the total to approximately JPY15.13 billion. This compares to the initial estimate announced on May 20, 2025, of USD95.8 million (approximately JPY13.87 billion) plus JPY1.28 billion in fees, for a total of JPY15.15 billion. The impact of the acquisition on Sega Sammy’s consolidated financial results is under estimation and will be disclosed at a later date.