The Amsterdam District Court has ordered Japanese entertainment firm Sega Sammy to follow through with its planned acquisition of live casino supplier Stakelogic despite its attempts to renege on the deal.
First announced in July 2024, Sega Sammy shared it had struck a deal to acquire the firm, valuing Stakelogic at €130m.
The agreement’s structure meant Sammy Creation, a wholly owned subsidiary of Sega Sammy Holdings, would acquire 100% of Stakelogic’s equity shares.
The deal was originally scheduled to close by in the second quarter of 2025. On 17 February, Stakelogic informed the Japanese firm it had met the deal conditions and sought to close the transaction.
But, on 18 February, Sega Sammy declined this request and on 25 March served a writ of summons to Stakelogic.
In turn, Sega Sammy sought out a court order to try and cancel the takeover, claiming that Stakelogic had not met a number of conditions required for the deal.
Those included Stakelogic’s games being made available in Japan and Turkey, which Sega Sammy alleged breached local laws given online casino is not regulated in those markets.
Sega Sammy’s complaint read: “By infringing regulatory laws on online gambling in Japan and Turkey the notifications and filings to the regulatory authorities were not filed in a complete and correct manner.”
However, the Dutch court rejected these points, stating that Stakelogic was not “directly responsible” for its games appearing in those markets given it is not an operator.
Among Sega Sammy’s other disputes were claims that Stakelogic’s parent company, Triple Bells, failed to seek approval for the dismissal and replacement of the live casino supplier’s chief commercial officer.
Triple Bells also allegedly failed to inform Sega Sammy about, and seek its approval for, the large number of employees (209) leaving Stakelogic or making these employees redundant.
Stakelogic also allegedly failed to seek formal approval for entering into a strategic partnership with B2B and B2C firm GAN, which Sega Sammy acquired in November 2023.
Another obligation of the deal was for Stakelogic to carry on its business in accordance with the rules and principles as set out in the Restricted Territories List, and to use its “reasonable best efforts” to endure its customers comply with the rules set out in that list.
The court also added that it is unlikely for Sega Sammy to face criminal charges if they were to complete the purchase, leading to its decision that the company should complete the deal.
Sega Sammy has been ordered to complete the purchase within two weeks, or face a penalty payment of €20m.
The ruling added: “If the transaction would have a serious impact on the licenses the purchaser now holds and could even result in criminal charges brought against the target and/or purchaser itself, this would qualify as an extraordinary circumstance.
“However, the court does not find that it is likely that these risks will materialise. Therefore, the court will order the purchaser to complete the transaction.”
EGR has contacted both Stakelogic and Sega Sammy for further comment.
The post Amsterdam court orders Sega Sammy to complete Stakelogic acquisition first appeared on EGR Intel.
Japanese business given two weeks to finalise the transaction after attempt to renege on deal, with the threat of a €20m penalty payment for non-compliance
The post Amsterdam court orders Sega Sammy to complete Stakelogic acquisition first appeared on EGR Intel.