United States-based casino operator MGM Resorts International has had a public tender offer of $5.72 (€5.71) per share, valuing it at $604 million (€602.6 million), accepted by LeoVegas AB investors, with 96 per cent voting in favour. MGM aims to complete the transactions for the takeover “within a week”.
LeoVegas Group CEO and Co-Founder Gustaf Hagman confirmed the news, adding that as a result, it will no longer be a publicly listed company, but instead be “the digital growth engine within the world’s premier gaming entertainment company”.
LeoVegas' operations are based in Malta, with hundreds of staff based on the island, while its technological development is located in Sweden. Its parent company, LeoVegas AB, invests in companies within the gaming and mobile fields, as well as related technologies.
“This milestone will mark the beginning of a new chapter in the LeoVegas saga,” he continued.
Additionally, 2022 marks the 10-year anniversary since Mr Hagman and Robin Ramm-Ericson launched the company, promising to “lead the industry into the mobile future”. “During these 10 years, I have had the honour of meeting numerous amazing LeoVegas employees, business partners, and shareholders. You have all played important roles in making LeoVegas what it is today,” he added.
“As we now join forces with MGM, we are looking forward to the next 10 years and to establish LeoVegas as the world’s largest iGaming brand,” Mr Hagman concluded.
MGM CEO and President Bill Hornbuckle remarked that this is a “major milestone” for the company, as it continues to pursue its strategy of growing its "online gaming footprint worldwide”. While its BetMGM brand is highly visible in the United States and Canada, it does not have the same presence in Europe, and through this acquisition, MGM is hoping to delve into the European market even more.
MGM stated that “LeoVegas’ online casino and sports betting capabilities and strong customer base outside of the United States is expected to further expand MGM Resorts’ presence around the world”.
MGM Resorts International is a global hospitality and entertainment company that operates destination resorts in Las Vegas, Massachusetts, Detroit, Mississippi, and other areas in the United States.