MGM Resorts has received all necessary regulatory approvals to proceed with its $607 million acquisition of LeoVegas. [Image: Shutterstock.com]
Full speed ahead
MGM Resorts International now has all the relevant regulatory approvals needed to acquire LeoVegas. The casino company announced its plan to acquire the online gambling brand in a $607 million deal in May.
expand its exposure to the online gambling markets in Europe and other non-US markets
MGM’s plan with the acquisition is to expand its exposure to the online gambling markets in Europe and other non-US markets. It already has a strong presence in the online gambling sector in North America through the BetMGM brand it owns together with UK gambling group Entain.
The LeoVegas board quickly and unanimously supported MGM’s offer. However, a number of different approvals were required for the deal to go through. MGM has said that all the various approvals have been received.
End in sight
There are still certain aspects of the official bidding document that need to be completed before the deals can be officially closed. MGM has until the end of August to comply with all the requirements of the offer document. The casino company is confident in doing just that, with the current target completion date being September 7.
LeoVegas is a Sweden-based online gambling brand founded in 2011, offering online casino games and sports betting to users across Europe.
At the time of the original announcement regarding the LeoVegas acquisition, Bill Hornbuckle, president and chief executive of MGM Resorts International, said: “This strategic opportunity with LeoVegas will enable us to continue expanding our reach around the world. “
Further deals may be on the way
MGM Resorts is performing strongly after pandemic-related issues. Earlier in August, the company announced that sales in the first half of 2022 were 54.3% higher than in the same period in 2021.
During an earnings call, Hornbuckle said MGM may take further action after the completion of the LeoVegas deal to expand its reach into new territories. He called the LeoVegas acquisition a good starting point, but further deals could be needed to move the needle significantly.
allegations of possible insider trading of LeoVegas stock
There have been a number of issues since the announcement of the LeoVegas acquisition, including a preliminary investigation in Sweden into allegations of possible insider trading of LeoVegas stock in and around the time of MGM’s announcement of the acquisition.
This post MGM Resorts Gets Regulatory Approval to Buy LeoVegas
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