MGM Resorts receives government clearance to purchase LeoVegas
It made a recommended bid worth $607m in May for the Swedish iGaming company.
MGM Resorts International has received all the necessary government clearances to go ahead with its public offer for the acquisition of LeoVegas. This means that MGM Resorts finally has the green light to obtain LeoVegas, the Swedish iGaming company and provider of online and sports betting services, after months of negotiations.
The recommended bid was made in May, with MGM Resorts offering $5.73 per share in cash, for a deal valued at $607m overall. With this new development, the company has now received an offer document which includes the receipt of all regulatory and governmental approvals necessary to complete the transaction.
The acceptance period for this offer is August 30, at which point it will expire. All that’s left is for MGM Resorts to announce that conditions for the deal have been fulfilled and finalize the offer. Presuming that the offer is finalized, the settlement period is expected to be initiated on 7 September.
MGM Resorts, famous for its land based venues around the US, has been targeting the European market in recent years. It attempted to buy out Entain, a British-based bookmaker, in order to gain full control of BetMGM, making an $11bn offer in 2021 that was declined.
Now it has turned its attention to the lucrative European iGaming industry with this move for LeoVegas. This Swedish iGaming company was founded in 2012 and has grown in stature and size since then, winning the best ‘Online Casino’ from the Global Gaming Awards in 2022.
MGM Resorts’ CEO and President Bill Hornhuckle: “We have achieved remarkable success with BetMGM in the US, 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.”
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