MGM Resorts poised to buy Swedish gaming firm
MGM Resorts International is poised to acquire LeoVegas for about $604 million, after the bulk of the Swedish mobile gaming company’s shareholders approved the purchase on Wednesday.
MGM Resorts announced that its tender offer of 61 Swedish krona per share ($5.72) had been accepted by 96 percent of LeoVegas’ shareholders. The settlement of shares is expected to be initiated next week.
The acquisition of LeoVegas is expected to help MGM Resorts expand its international online gaming business and help with mobile sports betting. Founded in 2011, LeoVegas is licensed in nine jurisdictions, primarily in Scandinavia.
“The completion of this transaction represents a major milestone for MGM Resorts as we continue to pursue our strategy of growing our online gaming footprint worldwide,” Bill Hornbuckle, CEO and president of MGM Resorts, said in a press release.
LeoVegas CEO Gustaf Hagman said: “Joining forces with MGM Resorts is a major win for LeoVegas, and we’re excited to begin working with our new teammates to build upon the work we’ve done over the last 10 years. MGM Resorts is a premier gaming entertainment company, and we look forward to leveraging their expertise to further our long-term strategic goals.”
Contact Jim Barnes at jbarnes@reviewjournal.com or 702-383-0277. Follow @JimBarnesLV on Twitter.