Sega Sammy has completed its acquisition of Stakelogic, despite earlier attempts to withdraw from the deal.

The agreement, originally reached in July 2024, nearly collapsed after Sega Sammy cited alleged regulatory concerns and Stakelogic’s failure to meet its pre-completion obligations.

However, an Amsterdam Court dismissed the arguments and ordered Sega Sammy to proceed with the €130m takeover of the studio, which was subsequently completed on 28 April following “the fulfilment of all necessary conditions for the completion of the acquisition”.

Sega Sammy had alleged that the Dutch game provider violated the rules for online gambling in Japan and Turkey. It claimed that it was able to access Stakelogic games from Japan during testing.

However, in the ruling, Judge C.W.D. Bom pointed to a report submitted by Triple Bells, part of the selling consortium, that showed that geo-blocking was active and suggested access to the games may have been facilitated by using a virtual private network (VPN).

Additionally, the court also noted that during Sega Sammy’s testing, players in Japan were only able to access demo versions of the games. 

Responding to Sega Sammy’s fears over criminal liability, the judge stated that these were unfounded given Stakelogic’s position as a supplier to the industry rather than the website that provides access to the games. 

“The risk that Stakelogic will be prosecuted under criminal law is negligible. This is confirmed by the legal opinions on Turkish and Japanese law,” stated the judge. 

Stakelogic hailed the acquisition, describing it as setting the stage for the company’s growth across a range of regulated markets. 

Stephan van den Oetelaar, CEO at Stakelogic, said: “Joining forces with Sega Sammy Creation opens a new chapter for our organisation.

“We have always believed our studio could reach even greater heights, and the great synergy between our teams is already driving new ideas that will benefit operators and players around the globe.”

Koichi Fukazawa, Senior Executive Vice President and Group CFO of Sega Sammy Holdings, added that the duo will leverage its shared technology, talent and market expertise to “create value that neither company could have achieved alone”.

Sega Sammy also confirmed the cost of the acquisition at an estimated €125m, which includes the enterprise value of Stakelogic, as well as adjustments based on interest-bearing debt and working capital. The figure rises to approximately €130m once advisory fees are accounted for.

Source