May 2 (Reuters) – MGM Resorts International (MGM.N) on Monday provided to purchase Swedish on-line gaming firm LeoVegas AB (LEOV.ST) for about $607 million, paving the best way for the U.S. on line casino operator to broaden its presence in Europe.
MGM floated a advisable public tender provide for 61 crowns ($6.20) in money per share, which represents a 44.2% premium to LeoVegas’ final closing value of 42.32 crowns.
MGM has been wanting to capitalise on the sports-betting enviornment by way of its three way partnership BetMGM, which forecast earlier this yr greater than $1.3 billion in income for 2022, because the coronavirus pandemic fuelled demand for on-line gaming. learn extra
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“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 stated in an announcement.
LeoVegas, which has licences in eight jurisdictions primarily within the Nordics and remainder of Europe, stated it advisable its shareholders to settle for MGM’s provide.
The acceptance interval of the provide will start throughout June and expire on or round August 2022.
($1 = 9.8452 Swedish crowns)
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Reporting by Tanvi Mehta in Bengaluru; Editing by Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles.
MGM Resorts offers to buy Sweden’s LeoVegas for $607 million & More Latest News Update
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