MGM Resorts International has announced that its acquisition of LeoVegas has been finalized and could close as early as next week after the company’s shareholders approved the $604 million offer.
MGM’s proposal, which equates to $5.65 per share in cash, was already approved by the LeoVegas board back in May. That figure represents a 44 percent premium compared to LeoVegas’ closing price on April 29, when the deal was first announced.
Having already secured the requisite regulatory approvals, MGM said it expects the settlement process to begin no later than September 7.
Bill Hornbuckle, MGM Resorts president and CEO, told iGaming Business that “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.”
Hornbuckle added: “We look forward to welcoming the LeoVegas team and are excited to begin working with them to grow our global digital gaming business and maximize the full potential of our omnichannel strategy.”
With regards to the motivation behind the deal, MGM said previously that LeoVegas provided a “unique opportunity” for the gaming giant to grow its online gaming presence.
LeoVegas CEO Gustaf Hagman told iGB that “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.”