MGM Resorts receives necessary clearances for LeoVegas purchase

MGM Resorts International has announced it has received the necessary governmental clearances for the purchase of LeoVegas.

MGM Resorts International has announced it has received the necessary governmental clearances for the recommended public offer to the shareholders of LeoVegas.

At the beginning of May, MGM reported plans to acquire the Swedish online gaming firm in a $607m deal with an offer of a 44.1% premium on the LeoVegas closing price of SEK 42.32.

At the time, the casino operator noted that the purchase would provide “a unique opportunity for the company to create a scaled global online gaming business”.

The acceptance period for the offer ends on August 30.

“The completion of the offer is subject to the conditions stated in the offer document, including the receipt of all regulatory, governmental or similar clearances, approvals and decisions that are necessary to complete the transaction,” MGM said in a statement on their website.

“MGM has received all relevant approvals. Therefore, the condition regarding the receipt of all necessary regulatory, governmental or similar clearances, approvals, and decisions is fulfilled.”

The statement continued: “As previously announced, the acceptance period for the offer expires on 30 August 2022.

“Settlement for shares tendered in the offer will take place as soon as MGM announces that the conditions for the offer are fulfilled or if MGM otherwise decides to complete the offer. 

“Provided that such announcement is made no later than on 31 August 2022, settlement is expected to be initiated on or around 7 September 2022.”

Back in May, MGM highlighted three reasons for acquiring LeoVegas, one being the strategic opportunities to accelerate its growth and product offerings outside the US.

The casino operator would also gain an experienced online gaming management team and excellent technology capabilities, and a commitment to continued profitable growth given it has operated profitably since 2014.

LeoVegas is also registered as a gaming operator in the Canadian province of Ontario. It offers casino, live casino, and betting under the brands LeoVegas and Royal Panda.

This article is a reprint from SBC Americas. To view the original story, share and comment, click here.

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