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CasinoJune 2, 2022·1 min read
MGM Resorts Bids $607 Million for LeoVegas in Major Gaming Deal
MGM Resorts International has offered $607 million to acquire LeoVegas AB. The biggest operator on the Las Vegas Strip will pay SEK61 ($6.16) per share to buy LeoVegas' entire shareholding, a premium of 44 percent over LeoVegas' April 29 closing share price.
MGM Resorts announced its interest in acquiring Sweden-based LeoVegas. This move will expand the casino giant's already substantial online gaming presence. The firm stated that it would fund the purchase with cash reserves.
LeoVegas generated earnings of $414.24 million and profits before interest, taxes, depreciation, and amortization (EBITDA) of $50.59 million for the fiscal year ended March 31, 2022. LeoVegas' revenues grew at a compounded annual rate of 16 percent between 2017 and 2021. Gustaf Hagman, the biggest shareholder and chairman of LeoVegas, has pledged to vote in favor of the deal.
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