{"id":5118,"date":"2022-05-03T12:32:50","date_gmt":"2022-05-03T12:32:50","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=5118"},"modified":"2022-05-03T12:32:50","modified_gmt":"2022-05-03T12:32:50","slug":"leovegas-board-accepts-607m-takeover-offer-from-mgm-resorts","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/leovegas-board-accepts-607m-takeover-offer-from-mgm-resorts\/","title":{"rendered":"LeoVegas Board Accepts $607M Takeover Offer from MGM Resorts"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2022\/05\/mgm-resorts-international-to-acquire-leovegas.jpg\" alt=\"MGM Resorts International to acquire LeoVegas\" title=\"LeoVegas Board Accepts $607M Takeover Offer from MGM Resorts\" width=\"300\" class=\"alignleft size-full wp-image-5119\" \/><strong>Summary<\/strong><\/p>\n<ul>\n<li>MGM will acquire LeoVegas under a $607M deal<\/li>\n<li>MGM&#8217;s vision is to become the world&#8217;s leading iGaming company<\/li>\n<li>Shareholders will vote on the deal by August 30, 2022<\/li>\n<\/ul>\n<p><strong>MGM Resorts International<\/strong> could soon execute its first non-US, online gaming-focused merger after announcing its bid to buy Swedish iGaming and sports betting company <a href=\"https:\/\/www.top10casinowebsites.net\/review\/leovegas-casino\">LeoVegas AB<\/a> for $607 million. <\/p>\n<p>The proposal involves a price of SEK 61.00 in cash per share which will be financed through MGM&#8217;s existing cash reserve. The LeoVegas board already approved the takeover and has advised investors to do the same. After MGM launched its takeover bid, LeoVegas saw its closing price jump by 44% on the Stockholm Nasdaq on April 29.<\/p>\n<h2>MGM Eyes Global Expansion<\/h2>\n<p>The deal will enable MGM to establish a foothold in the <a href=\"https:\/\/www.top10casinowebsites.net\/europe\">booming European gaming market<\/a> and will mark its first online gaming acquisition outside the US. <\/p>\n<p>Announcing the bid, MGM President <strong>Bill Hornbuckle<\/strong> said the acquisition of LeoVegas coincides with their vision to become the world&#8217;s top gaming entertainment company, adding that the deal will strengthen MGM&#8217;s global presence and accelerate the growth of its online gaming portfolio. <\/p>\n<p>LeoVegas is licensed across eight jurisdictions, primarily in the Nordics and other European regions, with headquarters in the UK, Milan, and Malta. It also boasts of an excellent management team with solid experience in the online gaming industry. The company&#8217;s high-quality products and services also reflect its superior technology capabilities. All of these attributes will help MGM achieve greater heights.<\/p>\n<p><strong>LeoVegas reported \u20ac393 million in corporate revenues over the past 12 months<\/strong> ending March 31, 2022, with \u20ac48 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). <\/p>\n<p>Since 2014, LeoVegas has been operating a highly-profitable iGaming platform and it has managed to maintain that strong profitability with a compounded annual growth rate of 16% as of 2021. <a href=\"https:\/\/www.mgmresorts.com\">MGM<\/a> describes this as &#8220;<em>profit effective<\/em>&#8221; for the company&#8217;s future iGaming endeavors.<\/p>\n<p>MGM is confident that the deal will be successfully executed after it received backing from LeoVegas founder and chief executive <strong>Gustaf Hagman<\/strong>, along with several senior investors who currently own a combined 15% share of the company. <\/p>\n<h2>Shareholder Vote Due in August <\/h2>\n<p>In making its recommendation to shareholders, the board of LeoVegas said the transaction values the talents and skills of the company&#8217;s staff and employees and that no operational and organizational changes will be implemented once the agreement takes effect. This means the acquisition won&#8217;t affect LeoVegas&#8217; existing employment structure and operations. <\/p>\n<p>Shareholders are set to discuss the deal beginning June 3, with a final decision expected by end of August. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary MGM will acquire LeoVegas under a $607M deal MGM&#8217;s vision is to become the world&#8217;s leading iGaming company Shareholders will vote on the deal by August 30, 2022 MGM Resorts International could soon execute its first non-US, online gaming-focused merger after announcing its bid to buy Swedish iGaming and sports betting company LeoVegas AB [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,9,8],"tags":[],"class_list":["post-5118","post","type-post","status-publish","format-standard","hentry","category-industry","category-uk","category-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LeoVegas Board Accepts $607M Takeover Offer from MGM Resorts<\/title>\n<meta name=\"description\" content=\"MGM Resorts International could soon execute its first non-US, online gaming-focused merger after announcing its bid to buy Swedish iGaming&#039;s LeoVegas AB for $607 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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