Upcoming/New CFIUS Filing: Sega Sammy Holdings, Inc. and GAN Ltd.

Status: Upcoming/New

Acquirer: Sega Sammy Holdings, Inc. (Japan)

Acquired: GAN Ltd. (U.S.)

Value: $83.4 million

Industry Tags: Gaming; Software

On November 7, 2023, GAN Limited (NASDAQ: GAN), a “real money internet gaming solutions and . . . B2C operator of Internet sports betting,” entered into a definitive agreement and plan of merger with Sega Sammy Creation Inc., a Japanese corporation and “a wholly-owned subsidiary of Sega Sammy Holdings, Inc. . . . an international conglomerate operating in the entertainment, gaming and resorts businesses.”  (Press Release, GAN Ltd., Form 8-K, Ex-99.1, Nov. 8, 2023.)  “If the merger is completed, GAN will become a privately-held company wholly owned by [Sega Sammy Creation Inc.]”  (GAN Ltd., Schedule 14A, Jan. 12, 2024, SEC Filing.)  Pursuant to the agreement, CFIUS is a condition of closing.  (See Agreement and Plan of Merger, Section 8.1(g), GAN Ltd., Form 8-K, Ex-2.1, Nov. 8, 2023, SEC Filing.)

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