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MGM Resorts plans to acquire Swedish LeoVegas
MGM Resorts is planning to purchase LeoVegas, as managing director Bill Hornbuckle thinks it is useful for becoming a global gaming entertainment company.
Recently, MGM Resorts stated that they want to buy Swedish LeoVegas for 575 million euros. MGM suggested 44.1% to their’ final 42.32 SEK.
MGM’s main motives for making this deal are as follows:
- Chances to grow and provide offers beyond the US
- Having an experienced online game management team and excellent technology
- Striving for further profitable growth, given that since 2014 it has been operating profitably on the fast-growing ace platform
Situated in Stockholm, LeoVegas has licenses in 8 jurisdictions, mostly in the Nordic countries and across Europe. They had a profit of 393 million euros and from Earnings before Interest, Taxes, Depreciation, and Amortization 48 million euros from last year.
According to LeoVegas’ board’s agreement, MGM will propose a MIP for some workers and they will need to receive a declaration from the Swedish Securities Board verifying that the MIP is suitable with the Takeover Rules.
B. Hornbuckle is sure that this contract will give them the possibility to be a leading online gaming business
“The purchase of the BetMGM in America was successful, and having LeoVegas in Europe, we will be able to spread all over the world. We think this deal will give both our teams the opportunity to rapidly expand our digital games around the world and see the future of our multi-channel strategy. We can’t wait to welcome LeoVegas.”
commented B. Hornbuckle.
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