GAN acquires Coolbet in $175m deal

GAN put pen to paper on a deal with Vincent Group in November last year with the takeover now finalised.

US.- Leading internet gaming software supplier GAN Limited has acquired the Vincent Group, parent company of renowned operator Coolbet.

The $175m cash and stock deal was first announced in November 2020 and will help position GAN as a full service B2B solutions provider for real-money gaming in the US market.

Coolbet’s sports betting technology will be incorporated into GAN’s library and is expected to be offered to US clients in the latter part of the year.

Jan Svendsen, Coolbet’s founder, will continue to oversee the operator’s B2C igaming operations in Northern Europe, Canada and Latin America, and will work as an advisor to US clients.

GAN underwent a $105m public offering to finance the deal in December last year, selling 7,174,456 ordinary shares valued at $15.50 apiece.

GAN’s chief executive, Dermot Smurfit, said in a statement: “The completion of the Coolbet acquisition brings together two best-in-class offerings in the igaming space today, and makes a powerful combination by creating a fully-integrated offering, customisable for each client’s needs.

“We have already started to welcome the Coolbet team of over 175 employees and engineering talent to our organisation and expect the integration process to be seamless.”

In other news, MGM International has made a new offer to acquire UK-based gaming company Entain PLC, the owner of renowned betting brand Ladbrokes.