American global hospitality and entertainment company, MGM Resorts International, has made an offer to acquire online gaming operator LeoVegas.
In a bid the Nevada-based resort has made a public tender cash offer for 100% of the shares of the Swedish business at a price of SEK 61.00 in per share for a total tender value of approximately $607 million. The purchase will be made with cash on hand and is expected to be add to MGM Resorts’ earnings and cash flow per share.
MGM Resort has been persistent in strengthening its online and international presence strategy. MGM Resorts’ CEO & President Bill Hornbuckle, 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 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.”