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MGM clears regulatory and governmental hurdles in $607M bid to acquire Leovegas – Yogonet International
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MGM Resorts announced Friday it has received all necessary governmental and regulatory clearances for its acquisition of Stockholm-listed Leovegas. The proposed acquisition, first announced in May, will see the US casino giant pay SEK61 per share for the Swedish iGaming business, for a total value of around $607 million.
The completion of the offer is subject to the receipt of a number of clearances and decisions. The company has now “received all relevant approvals,” MGM announced in an SEC filing. “Therefore, the condition regarding the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions is fulfilled,” the statement reads.
Leovegas’ board of directors has unanimously recommended that shareholders accept the bid, which represents a 44% premium on the company’s closing stock price on April 29, the last trading day before the announcement was made on May 2. “I see huge potential in what Leovegas and MGM could achieve together,” CEO Gustaf Hagman said at the time.
“MGM Resorts have been working on creating the best offline casino experience for a long time, and we’ve done the same for the online experience,” Hagman, the business’ largest shareholder, further commented back in May. “Merging the two is a very exciting prospect.”
Although MGM has cleared a major hurdle in receiving these regulatory approvals, other requirements set out in the offer document still apply. The acceptance period for the offer, which began in early June, is set to expire next week, on August 30: settlement for shares tendered in the offer will take place as soon as MGM can confirm all other conditions are met.
MGM expects to secure the final conditions, and confirm them no later than August 31. In the event this happens, settlement is expected to be initiated on or around September 7, the business said. Leovegas operates a number of brands, including Leovegas.com, slotboss.co.uk, pinkcasino.co.uk, betuk.com, and 21.co.uk, among others.
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“Our vision is to be the world’s premier gaming entertainment company, and this strategic opportunity with Leovegas will allow us to continue to grow our reach throughout the world,” MGM CEO and President Bill Hornbuckle said at the time of the original announcement. “We have achieved remarkable success with BetMGM in the US, and with the acquisition of Leovegas in Europe we will expand our online gaming presence globally.”
MGM’s joint venture with Entain for the iGaming space, BetMGM, has taken a major role in the US Online Casino market, with a share of about 30% in the markets where it operates. And earlier this month, MGM as a whole reported a 54% year-on-year rise in group-wide revenue for H1. Hornbuckle, speaking with investors about the result, hinted that MGM would seek to expand into new territories following the completion of the Leovegas deal.
By acquiring Leovegas, MGM would add a familiar name to the European iGaming market which has also proven to be a profitable endeavor. For the year ending March 31, 2022, Leovegas generated revenue of $414.2 million and EBITDA of $50.6 million. The company has eight gaming licenses in the Nordic region and across the continent.
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