LeoVegas Shareholders Approve Sale to MGM Resorts

Nearly everything is now complete for the acquisition of LeoVegas to MGM Resorts after the shareholder vote in favour of the sale of the online gambling company to the US gaming giant by a majority of 96% in favour.

Final settlement is due on the 7 September for a total consideration of $604 million which was agreed in May this year. LeoVegas said that those shareholders who voted against the deal have until 14 September to settle their shares with MGM.

Following the shareholder vote LeoVegas also applied for their shares to be de-listed from the Nasdaq Stockholm.

MGM Resort look at LeoVegas as a vehicle to expand their online gambling business into Europe and beyond, the US company has a successful sports betting brand in BetMGM so LeoVegas is not expected to work within the US.

Bill Hornbuckle the CEO of MGM Resorts said on the shareholder vote: “The completion of this transaction represents a major milestone for MGM Resorts as we continue to pursue our strategy of growing our online gaming footprint worldwide.”

“We look forward to welcoming the LeoVegas team and are excited to begin working with them to grow our global digital gaming business and maximise the full potential of our omnichannel strategy.”

Co-founder and CEO of LeoVegas Gustaf Hagman said: “Joining forces with MGM Resorts is a major win for LeoVegas and we’re excited to begin working with our new teammates to build upon the work we’ve done over the last 10 years.”

“MGM Resorts is a premier gaming entertainment company and we look forward to leveraging their expertise to further our long-term strategic goals.”