MGM Resorts has offered to acquire Swedish gaming giant LeoVegas for $607 million
Over the weekend, MGM Resorts made an offer to buy gaming giant, LeoVegas . MGM has initiated a recommended public tender offer for 100% of LeoVegas Casino at a cash value of SEK61 per share, or approximately $607 million to be financed by existing cash.
MGM CEO Bill Hornbuckle said: “Our vision is to be the world’s leading gaming entertainment company and this strategic opportunity with Leo Vegas will allow us to expand our reach around the world.
“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 this offering creates an attractive 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.
LeoVegas’s board of directors issued a statement on Monday urging shareholders to accept the offer. The acceptance period of the offer starts on or around June 3 and ends on or around August 30, depending on the business.
The offer is part of MGM‘s efforts to expand its global presence and drive the growth of its digital gaming and sports betting ambitions.
MGM owns and runs casinos in both the United States and China’s gambling capital, Macau. It is also planning to build a $9 billion casino complex in Osaka, Japan.
Last year, MGM attempted to expand internationally by acquiring Entain. MGM’s bid for £8.09 billion, or about $11 billion, was rejected by the firm, which said it was not enough.
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