LeoVegas Sold to MGM Resorts

LeoVegas enters a new era with the approved sale to MGM Resorts

The LeoVegas shareholders have accepted the public tender offer at SEK61 ($5.72) per share to a total tender value of circa $604m. As a result, MGM Resorts’ acquisition of LeoVegas has now been accepted by 96% of LeoVegas investors. The transaction is due to be completed on the 7th of September.

Last month, MGM Resorts received the regulatory green light to acquire this online casino giant.

“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,” said MGM Resorts CEO & president Bill Hornbuckle.

“We look forward to welcoming the LeoVegas team and are excited to begin working with them to grow our global digital gaming business and maximise the full potential of our omnichannel strategy,” he concluded.

LeoVegas has generated a whopping €394m in revenue and €46m in adjusted EBITDA during the twelve months leading up to June 30th, 2022. LeoVegas boasts headquarters in Stockholm, Sweden, with additional offices in Milan, Malta and the United Kingdom.

With this acquisition, MGM Resorts will be able to reach a more global audience for the online gambling business. It also added that with the services provided by LeoVegas, including online casino and sports betting, the company has succeeded in showcasing its ability to increase more advanced product offerings.

Gustaf Hagman, LeoVegas CEO and co-founder, remarked: “Joining forces with MGM Resorts is a major win for LeoVegas. We’re excited to begin working with our new teammates to build upon the work we’ve done over the last 10 years.”

“This milestone will mark the beginning of a new chapter in the LeoVegas saga. As we now join forces with MGM, we are looking forward to the next 10 years and establishing LeoVegas as the world’s largest iGaming brand,” he stated.

LeoVegas will now begin the strenuous process of delisting itself from the Stockholm Stock Exchange. LeoVegas, under the tenure of MGM Resorts, will now work at expanding its already existing gaming segments while entering new verticals and markets.