MGM Resorts International makes offer to acquire LeoVegas

MGM Resorts International announced that it has commenced a recommended public tender offer for 100% of the shares of LeoVegas AB, a global online gaming company with licenses in eight jurisdictions primarily in the Nordics and rest of Europe.

"Our vision is to be the world's premier gaming entertainment company, and this strategic opportunity with LeoVegas will allow us to continue to grow our reach throughout the world," said MGM Resorts' CEO & President Bill Hornbuckle. "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.  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. We look forward to being able to welcome the LeoVegas team to our MGM Resorts family."

MGM Resorts believes the acquisition of LeoVegas will provide a unique opportunity for the Company to create a scaled global online gaming business with strategic opportunities to accelerate growth and product offerings as LeoVegas' online casino and sports betting capabilities and strong customer base outside of the U.S. is expected to further expand MGM Resorts' presence around the world; experienced online gaming management team and superior technology capabilities; and commitment to continued profitable growth as LeoVegas has operated profitably as a high-growth platform since 2014.

The acceptance period of the offer is expected to commence on or around June 2022 and expire on or around August 2022. The offer is subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of LeoVegas' shares and customary closing conditions. It is expected to be completed during the second half of fiscal year 2022.