MGM Resorts Completes Offer For LeoVegasDeal Is For A Reported $604 Million |
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MGM has completed a major deal to grow its online gambling business in the West.
MGM Resorts International announced that its public tender offer for the shares of LeoVegas has been accepted by 96% of LeoVegas shareholders at a price of SEK 61.00 in cash per share, equivalent to a total tender value of about $604 million in USD.
Settlement of the shares is expected to be initiated on or around Sept. 7, 2022.
“The completion of this transaction represents a major milestone for MGM Resorts as we continue to pursue our strategy of growing our online gaming footprint worldwide,” said MGM Resorts’ CEO & President Bill Hornbuckle. “We look forward to welcoming the LeoVegas team and are excited to begin working with them to grow our global digital gaming business and maximize the full potential of our omnichannel strategy.”
“Joining forces with MGM is a major win for LeoVegas and we’re excited to begin working with our new teammates to build upon the work we’ve done over the last 10 years,” said LeoVegas Group CEO Gustaf Hagman. “MGM Resorts is a premier gaming entertainment company and we look forward to leveraging their expertise to further our long-term strategic goals.”
Founded in 2011 by Hagman and Robin Ramm-Ericson, LeoVegas is a global online gambling company with licenses in nine jurisdictions primarily in the Nordics and Europe.
The gambling firm generated €394 million in revenue during the twelve months ended June 30, 2022. From 2017 to 2021, LeoVegas’ revenues compounded annual growth rate was 16%.
The business is headquartered in Stockholm with offices in Malta, the U.K., and Milan.
“MGM Resorts believes the acquisition of LeoVegas will provide a unique opportunity for the company to create a scaled global online gaming business,” the casino developer added. “LeoVegas’ online casino and sports betting capabilities and strong customer base outside of the U.S. is expected to further expand MGM Resorts’ presence around the world. […] MGM Resorts’ scale, brands and expertise will allow the combined businesses to expand within existing gaming segments and provide incremental opportunities to enter new areas.”
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