iGaming solutions provider GAN has completed its acquisition of Vincent Group, the parent company of operator Coolbet, for $175.9m (£129.6m/€149.1m) in cash and stock.
The deal, GAN said, positioned the business as a full-service B2B solutions provider for real-money gaming in the US, and as a vertically integrated B2C competitor in selected international markets.
It was first announced in November 2020, and funded by a $105.3m follow-on public offering, that saw GAN sell 7,174,456 ordinary shares priced at $15.50 apiece. That was completed in December last year.
“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,” GAN chief executive Dermot Smurfit said.
“We have already started to welcome the Coolbet team of over 175 employees and engineering talent to our organization and expect the integration process to be seamless.”
This integration process will see Coolbet’s proprietary sports betting technology incorporated into GAN’s current B2B technology stack, with a view to making it available to US clients by the third quarter of the year.
Coolbet founder Jan Svendsen, meanwhile, will remain in control of the operator’s B2C igaming operations, namely its activity in Northern Europe, Canada and Latin America, as well as advising on trading services to US clients.
“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,” Smurfit added.
“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.”