“LeoVegas operates in an industry which is characterized by, inter alia, high innovation pace, new regulation and consolidation. The LeoVegas board said the casino-resort giant’s offer of nearly SEK6bn represents a premium of some 44.1 percent on LeoVegas’ share price at closing on Friday in Stockholm and 76.5 percent from the average price over the past six months. The offer has been recommended for approval by LeoVegas’ board of directors, which had been engaged with advisors on a potential sale of the company and held discussions with other interested parties, according to a board statement.Īn initial offer was made by MGM in February and then renegotiated “to a price level other interested parties could not match,” LeoVegas’ board said. “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 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,” MGM CEO Bill Hornbuckle said.

In a statement, MGM said its offer of SEK61.00 per share would be funded with existing cash and “provide a unique opportunity for the company to create a scaled global online gaming business.” Nevada’s MGM Resorts International has agreed to acquire Swedish online casino operator LeoVegas for around $607m in cash, the companies announced early on Monday morning.

Mgm online casino