MGM Resorts International said it’s expanding in the online space with the $607 million acquisition of LeoVegas AB.
The company is paying SEK 61.00 in cash per share and the acquisition will be financed with cash on hand. MGM said the purchase would boost cash flow and earnings per share, without giving details.
“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,” said MGM Resorts’ CEO & President Bill Hornbuckle. “We have achieved remarkable success with BetMGM in the U.S., and with the acquisition of LeoVegas in Europe we will expand our online gaming presence globally.”
Stockholm-based LeoVegas holds licenses in eight jurisdictions primarily in the Nordics and rest of Europe. LeoVegas generated EUR 393 million in revenue and EUR 48 million in Adjusted EBITDA during the last twelve months ended March 31, 2022.