M&A · Tech · Services-Computer Programming, Data Processing, Etc.
Sega Sammy Creation Inc to acquire GAN Ltd
Announced Nov 8, 2023 · Closed May 27, 2025
Deal value$88MEV $84M
Premium120.0%To unaffected price
EV / Adj. EBITDA—0.6x EV / Revenue
ConsiderationAll cash$1.97 per share
Transaction
- Acquirer
- Sega Sammy Creation Inc
- Target
- GAN Ltd (GAN)
- Buyer type
- Strategic
- Offer price per share
- $1.97
- Enterprise value
- $84M
- Status
- Closed May 27, 2025
Deal protections
- Break fee (target pays)
- $6.0M · 6.8%
- Reverse fee (buyer pays)
- $6.0M · 6.8%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- SMBC Nikko
- To the target
- B. Riley
- B. Riley fee
- $2.5M
Sector context · Tech
- Comparable deals
- 64 in the prior 24 months
- Premium
- 120.0% vs. 43.1% sector median
- EV / Adj. EBITDA
- Sector median 17.2x
- Break fee
- 6.8% vs. 3.0% sector median
Timeline
- AnnouncedNov 8, 2023
- Proxy filedDec 15, 2023
- Definitive proxyJan 9, 2024
- Shareholder voteFeb 13, 2024
- ClosedMay 27, 2025
Valuation · fairness opinions
Premiums paid$1.20$1.39
Offer $1.97
Implied value per GAN Ltd share by analysis, from B. Riley.