MGM Resorts Launches Tender Offer to Acquire Online Gaming Firm LeoVegas.
MANews-(C)2009-2022
US-based casino operator MGM Resorts International (NYSE: MGM) has commenced a recommended public tender offer for 100% of the shares of Swedish online gaming firm LeoVegas AB at a price of SEK 61.00 in cash per share, equivalent to a total tender value of approximately USD 607m, the company said.
The acquisition will be financed with existing cash and is expected to be accretive to MGM Resorts' earnings and cash flow per share.
Founded in 2011 by Gustaf Hagman and Robin Ramm-Ericson, LeoVegas is a leading global online gaming company with licenses in eight jurisdictions primarily in the Nordics and rest of Europe.
LeoVegas generated EUR 393 m in revenue and EUR 48m in Adjusted EBITDA during the last twelve months ended March 31, 2022.
The business is headquartered in Stockholm with offices in Malta, United Kingdom and Milan.
MGM Resorts said it believes the acquisition of LeoVegas will provide a unique opportunity for the company to create a scaled global online gaming business.
LeoVegas' online casino and sports betting capabilities and strong customer base outside of the US is expected to further expand MGM Resorts' presence around the world.
From 2017 to 2021, LeoVegas' revenues compounded annual growth rate was 16%, while maintaining strong profitability. MGM Resorts' scale, brands and expertise will allow the combined...
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