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MGM Resorts tables $607m takeover bid for LeoVegas

LeoVegas casino and sports betting

Leading US casino operator MGM Resorts is on the verge of acquiring Swedish online gaming giant LeoVegas for a fee of US$607 million, following a unanimous decision by the LeoVegas board to accept the public offer.

MGM Resorts stated that it will use existing cash to finance the acquisition plans. LeoVegas’ closing price was SEK 42.32, and MGM’s offer is a 44.1 per cent premium of what LeoVegas closed at. The period for acceptance of the offer starts from June 2022 and it is expected to close in August 2022.

This deal will provide MGM Resorts a golden chance to be known as a global casino brand, spreading its reach outside the US online gambling market.

MGM Resorts CEO & President Bill Hornbuckle stated: “Our vision is to be the world’s premier gaming entertainment company, and this strategic opportunity with LeoVegas will allow us to continue to grow our reach throughout the world. 

“We have achieved remarkable success with BetMGM in the U.S., and with the acquisition of LeoVegas in Europe we will expand our online gaming presence globally. We believe that this offer creates a compelling opportunity that allows the combined teams of MGM Resorts and LeoVegas to accelerate our global digital gaming growth and fully realize the potential of our omnichannel strategy. We look forward to being able to welcome the LeoVegas team to our MGM Resorts family.”

READ: LeoVegas joins International Betting Integrity Association

A statement from MGM read: “An offer document regarding the offer is expected to be made public shortly before the commencement of the acceptance period. Assuming that the offer is declared unconditional no later than around end of August 2022, settlement is expected to begin around early September 2022.

“The offer is subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of LeoVegas’ shares and customary closing conditions. It is expected to be completed during the second half of fiscal year 2022.”

LeoVegas has several licenses in a lot of jurisdictions, but majorly in the Nordic countries and other parts of Europe. It is headquartered in Stockholm, Sweden.

LeoVegas has also been licensed by the Alcohol and Gaming Commission of Ontario to offer gaming services in the Canadian province’s newly regulated market.

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