Online betting company Game Account Network (GAN) has announced that they've completed their purchase of Vincent Group plc, which is the parent company of betting group Coolbet.
GAN purchased the company for $175.9 million in cash and stock and will get ahold of the Coolbet sportsbetting technology, which GAN will then integrate into its product offering for operating clients. The initial deal was announced in November and was finalized relatively quickly. The purchase is expected to immediately begin contributing positively to GAN's bottom line.
GAN has indicated that it'll be rolling Coolbet's staff into their larger operation and that there shouldn't be any redundancies as a result of this agreement. Coolbet also expressed that they're going to be continuing to expand operations throughout the United States.
Commenting on the purchase GAN CEO Dermot Smurfit said, "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. 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. 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."