Court rejects Sega Sammy bid to pull out of Stakelogic acquisition
The court has ruled that the deal to buy the igaming provider remains legally binding despite a failure to disclose operational changes.
The Netherlands.- Amsterdam District Court has rejected Sega Sammy’s request to withdraw from its €130m acquisition of the Dutch igaming software provider Stakelogic. The interim judgment means that the Japanese gaming giant will proceed with its sales and purchase agreement (SPA) with Triple Bells.
When it announced the deal in July last year, Sega Sammy said that Stakelogic’s proprietary live casino and slots technologies would enhance its GAN platform and strengthen its presence in the US igaming market. However, it later claimed that Stakelogic failed to disclose significant operational changes.
On 25 March, it submitted a summons to the district court, alleging that Triple Bells, Stakelogic’s parent company, had breached certain pre-completion undertakings and had replaced Stakelogic’s chief commercial officer without its approval.
It also said that Triple Bells failed to notify it when 209 Stakelogic employees either departed or were made redundant and that Triple Bells had entered into a strategic partnership with GAN, a company operating within Sega Sammy’s igaming portfolio, without securing approval.
Documents presented to the court also show that Sega Sammy had requested that Stakelogic refrain from offering services in markets listed on the Restricted Territories List, where gambling is prohibited. The company says Stakelogic violated this condition by allowing the availability of its games in Japan and Turkey.
The court acknowledged that an investigation would be necessary to determine whether Stakelogic had contravened any regulatory laws but ruled that the SPA of July 24 2024, remains legally binding.
It said: “The regulatory condition is satisfied if and when (i) notifications and filings to the regulatory authorities have been made (which Triple Bells has done) and (ii) the regulatory authorities have decided to permit performance of the SPA (which is also the case).”
The court concluded that Sega Sammy would have to pay a penalty of €140m if it fails to fulfil its obligations under the SPA. It would also have to pay legal expenses. The transaction is due to close in Q1 2026. Stakelogic investors Saltium Investments, Bettor Capital Holdco and Oakvale Ventures are also involved in the deal.
