MGM Resorts gears up to purchase Swedish gaming firm LeoVegas
It will buy the bulk of the company for $604m.
MGM Resorts International has announced it is poised to buy the Swedish mobile gaming company, LeoVegas, for approximately $604m. The company will purchase a bulk of LeoVegas in a tender offer of $5.72 per share (ps), the equivalent of 61 Swedish krona ps.
MGM Resorts announced the transaction during a shareholders meeting. Company shareholders approved the purchase during the meeting and the offer was accepted by a 96% majority.
The deal is expected to proceed next week. MGM Resorts hope the acquisition will aid the company is its global online gaming business expansion plan.
LeoVegas is based primarily in Scandinavia and was founded in 2011. The company holds licenses in nine jurisdictions.
MGM Resorts President and CEO Bill Hornbuckle commented: “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.”
LeoVegas CEO Gustaf Hagman described working with MGM Resorts as a “win” for the company.
He said: “Joining forces with MGM Resorts 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.
“MGM Resorts is a premier gaming entertainment company, and we look forward to leveraging their expertise to further our long-term strategic goals.”
Responsible gaming education remains a key focus as BetMGM continues to expand its sports betting platform to new jurisdictions.
To kick off September’s inaugural Responsible Gaming Education Month (RGEM 2022), MGM Resorts International and BetMGM have teamed up with the American Gaming Association. During the month, the company will offer players tips and educational resources regarding responsible gambling via its social media platforms.
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