MGM Resorts International announced that it has received all regulatory and government approvals necessary to close on its acquisition of Stockholm-listed online gambling company LeoVegas.
The proposed acquisition, first announced in May, will see MGM pay SEK61 per share for the Swedish iGaming business, for a total value of around US$607 million.
“The completion of the offer is subject to the receipt of a number of clearances and decisions,” MGM announced in an SEC filing. “The company has now received all relevant approvals. Therefore, the condition regarding the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions is fulfilled.’
LeoVegas’ board of directors has unanimously recommended that shareholders accept the bid, which represents a 44 percent premium on the company’s closing stock price on April 29, the last trading day before the announcement was made on May 2.
“I see huge potential in what LeoVegas and MGM could achieve together,” LeoVegas CEO and largest shareholder Gustaf Hagman said at the time. “MGM Resorts has been working on creating the best offline casino experience for a long time, and we’ve done the same for the online experience. Merging the two is a very exciting prospect.”