MGM Resorts International One Step Closer to Finalizing LeoVegas Deal
Almost all LeoVegas shareholders (96%) accepted a public tender offer by MGM of SEK 61 (£4.92) in cash per share. Settlement of the shares is expected to begin around September 7, totaling about $604 million. This amount is slightly less than the 607 million announced in May when the deal was first disclosed.
The acceptance period is extended until September 14 to allow those shareholders who have not yet accepted the offer to tender their shares to MGM. And around September 22, settlement is expected to begin.
It is worth noting that MGM has long viewed the future acquisition of LeoVegas as a major milestone in the expansion of its global online gaming business and presence in European and other markets outside the US.
LeoVegas, which is licensed in nine jurisdictions, performed well in the fiscal year ending 30 June 2022. The company generated revenue of €394m (£340.72m) and adjusted EBITDA of €46m (£39.77m).
LeoVegas Group CEO Gustaf Hagman said that joining forces with MGM Resorts International would be a significant win for LeoVegas. The company was looking forward to leveraging MGM’s experience as a leading player in the gaming entertainment market to achieve long-term strategic goals.
Let us recall that Greentube continues to expand in North America.