Game Account Network (GAN) has announced the completion of its acquisition of Coolbet for €149.1m ($175.9m), having reached the agreement in November 2020.
The merger will combine GAN’s platform with Coolbet’s sportsbook engine, positioning the former as a solution for real money gaming in the US, and as an integrated player in selected international markets.
GAN’s availability of offering in the US market is expected by Q3 2021, with the €149.1m purchase price established on a “cash-free, debt-free” basis.
Coolbet founder Jan Svendsen will continue running operations of Coolbet’s online gaming operations and sports betting in Northern Europe, Canada and Latin America, and will advise on trading services to US clients.
“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, customizable for each client’s needs,” said GAN CEO Dermot Smurfit.
“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.
“Over the last few weeks, the GAN and Coolbet teams have spent significant time together outlining our exciting future and have grown even more confident in the numerous revenue synergies that we see across both platforms. We look forward to leveraging one of the most complete solutions in our industry both domestically and internationally, and believe our growth platform is well positioned to drive long-term shareholder value.”