MGM Set to Complete LeoVegas Acquisition for $607m
MGM Resorts International has received all of the approvals it needs to acquire the online gambling operator LeoVegas.
Having received the regulatory and governmental approvals, MGM is now able to push ahead with the acquisition at a cost of $607 million. The company is hoping to expand its online operations into Europe and other global regulated markets.
While the LeoVegas board unanimously recommended the offer, MGM needed several approvals before it could go ahead. It is though that there are still a number of requirements that need to be satisfied before the deal is completed.
The acceptance period for the offer expires on 30 August and MGM has until the end of the month to fulfil all conditions. According to MGM, they expect that the acquisition will be complete around 7 September.
When the deal was first announced, Bill Hornbuckle, MGM’s chief executive and president, said:
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. 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 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 realise the potential of our omnichannel strategy.
MGM recently reported a 54.2% year-on-year increase in revenue for H1 2022. Speaking in an earnings call at the time, Hornbuckle suggested that MGM make take additional expansion steps after the LeoVegas deal.
Durin the call Hornbuckle said, “We recognise it’s not as large-scale and therefore, needle moving as we might want over time. But we thought that it was a great place to start, and most importantly, we like the platform and the team.”
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