GAN
GAN Announces Definitive Agreement to be Acquired by SEGA SAMMY CREATION
Purchase price of $1.97 per share represents over 120% premium to latest closing price
All-cash transaction subject to customary closing conditions, regulatory approvals, and approval of GAN shareholders
GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today announced that the Company has entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Sega Sammy Creation Inc., (“SSC”), a wholly-owned subsidiary of Sega Sammy Holdings, Inc. (“Sega Sammy”) an international conglomerate operating in the entertainment, gaming and resorts businesses.
Under the Merger Agreement, at the effective time of the merger, each of GAN’s issued ordinary shares will be converted into the right to receive in cash $1.97 per share, which reflects a premium of 121% over the closing price of GAN’s ordinary shares on November 7, 2023, the last trading day prior to the date of this announcement.
Seamus McGill, Chairman and Interim Chief Executive Officer of GAN, commented: “After a thoughtful review of value creation opportunities available to us, we are pleased to have reached this agreement with SSC. Market share concentration in the U.S. B2C space, a slower than expected adoption of regulated online gaming in the U.S., along with changes to key customer contracts make the near-term operating environment challenging without ample capital resources. 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.”
Approvals and Timing
The proposed merger is subject to the approval of GAN shareholders. The Company will ask its shareholders to consider and vote to approve the Merger Agreement at a Special Meeting of Shareholders, which is expected to be held no later than March 31, 2024.
Approval allows GAN to commence operations in Nevada
GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, announced that it has received regulatory approval from the Nevada Gaming Commission. The approval allows GAN to commence field trial operations of its GAN Sports betting platform with its Nevada customers after the platform is certified and approved.
GAN Sports has built the infrastructure to deploy into the Nevada market, including mobile applications and retail sports betting.
Seamus McGill, Chairman and Interim CEO of GAN, commented: “We are very pleased and humbled to have received regulatory approval from the State of Nevada to hold a gaming license. We are excited that we will be launching our leading-edge GAN Sports product in Nevada in the next few months. The Las Vegas Locals market is one of the largest and most recognizable gaming markets in the world, and we are incredibly excited to be entering it. This is the 3rd state where our B2B sports betting technology and trading solution, GAN Sports, will be operational, and we look forward to bringing a unique and fun wagering experience to a large and growing market.”
Internet Vikings is leveraging its partnership with a leading North American B2B technology provider to expand its presence in the U.S. iGaming and online sports betting markets, with anticipated launches in Maine and Wyoming later this year. This move marks the latest step in a collaboration that began in April 2022 and has already seen the companies team up in other U.S. states.
Rickard Vikström, Founder and CEO of Internet Vikings expressed his contentment by stating that their continued work with a leading North American technology provider as it expands its presence in the US iGaming and online sports betting markets is a testament to the quality of Internet Viking’s services and the strength of the relationship between the two companies. “Extending our operations and continuing to deliver value to end-user customers is a top priority for us.”
Internet Vikings’ services reliability has been cited as a key factor in its to take on the expansion.” The product and level of support provided by Internet Vikings has been impressive, and we are optimistic about working with them in these new markets, subject to all regulatory approvals” said Blake Riley, Director of B2B Sports Project Management at GAN. “Their expertise in iGaming and online sports betting hosting is a valuable asset to our business, and we look forward to continuing to work with them as we expand into other U.S. states.”
Internet Vikings has been steadily expanding its presence in the U.S. market since early 2021 and is determined to maintain its momentum in the future. “We see the U.S. as a crucial market for our business, and we are committed to providing exceptional services to our customers here,” said Vikström. “I am confident about our ability to help companies like GAN achieve their U.S. market goals, and we look forward to exploring new opportunities for combined projects in the future.”
Both companies are eager to collaborate in new markets and to deliver value to customers across the United States.
GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading international B2C operator of online sports and casino under the Coolbet brand, launched in the regulated Mexican market, making it Coolbet’s tenth country of operations.
Starting January 16, Coolbet has partnered with a locally licensed partner allowing the use of its brand to offer eligible customers in Mexico the opportunity to place bets on its cutting edge platform and will also provide support to the operations. Players can expect access to a unique and personal experience through leading products and local customer service. Coolbet’s in-house team of bookmakers will offer top-market odds and a localized sports betting menu. Mexican sports fans will be able to bet on the most popular events in Mexico and LATAM, including the 2023 Mexico Open, MLB Mèxico, Copa Libertadores, Copa Sudamericana, Recopa Sudamericana, and Formula 1, among many others.
Endre Nesset, President of B2C for GAN, commented:
“We are thrilled to be live and operating in the regulated Mexican market and bringing the award-winning Coolbet brand to local players. We expect our share of the market to grow over time, but initially we expect both investment spend and revenue to be modest, as we gain familiarity with the market. Thus far, our planned launch in Mexico has been asset-light, with limited marketing spend focused on targeted social media and digital campaigns, and plans to sponsor Mexican athletes and streamers to drive awareness. We look forward to supporting our local partners as we grow our presence in this exciting market.”
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