MGM Resorts offers to buy Sweden's LeoVegas for US$607m
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
MGM Resorts International on Monday (May 2) offered to acquire Swedish online gaming company LeoVegas for about US$607 million, paving the way for the US casino operator to expand its presence in Europe.
MGM floated a recommended public tender offer for 61 crowns (S$8.54) in cash per share, which represents a 44.2 per cent premium to LeoVegas’ last closing price of 42.32 crowns.
MGM has been looking to capitalise on the sports-betting arena through its joint venture BetMGM, which forecast earlier this year more than US$1.3 billion in revenue for 2022, as the coronavirus pandemic fuelled demand for online gaming.
“We have achieved remarkable success with BetMGM in the US, and with the acquisition of LeoVegas in Europe we will expand our online gaming presence globally,” MGM Resorts' chief executive Bill Hornbuckle said in a statement.
LeoVegas, which has licences in 8 jurisdictions primarily in the Nordics and rest of Europe, said it recommended its shareholders to accept MGM’s offer. The acceptance period of the offer will begin during June and expire on or around August 2022.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
