MGM Resorts offers to buy LeoVegas for $607m
MGM Resorts International said it has commenced a recommended public tender offer for 100% of the shares of LeoVegas AB at a price of 61.00 Swedish kronor in cash per share, equivalent to a total tender value of approximately $607 million.
The acceptance period is expected to commence on or around June 2022 and expire on or around August 2022. The company expects the acquisition to be accretive to earnings and cash flow per share.
“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,” MGM Resorts Chief Executive Officer Bill Hornbuckle said in a statement.
LeoVegas, which has licenses in eight jurisdictions primarily in the Nordics and rest of Europe, said it recommended its shareholders to accept MGM’s offer.