American land-based casino giant MGM Resorts-International has proposed a $ 607 million proposal that it would have seen buying all of the outstanding equity capital of prominent iGaming operator Leo Vegas AB.
The Las Vegas-based company used an official press release to make this proposal an online casino and sports betting at an individual price of around $ 6.16 to continue its own "success and growth in digital gaming." Declared that it expects to buy all of the company's stock.
The plan also states that it can expand internationally and use LeoVegas AB's brand, team, and "technical capabilities" to drive further development of its own iGaming interests.
Current concerns
Founded in 1987, MGM Resorts International operates 11 gambling venues along the Las Vegas Strip, including MGM Grand Las Vegas, Bellagio Las Vegas and Excalibur Hotel and Casino, with a recent net income of 2021. It revealed that it has exceeded 88 billion dollars, an increase of 97% from the previous year.
The company, which operates eight regional casinos in the United States, including MGM Springfield, MGM Grand Detroit, and MGM National Harbor, also partnered with UK iGaming giant Entain to operate a BetMGM online sports betting service for mobile. ..
Attractive benefits
Bill Hornbuckle, President and Chief Executive Officer of MGM Resorts International, expects immediate increase in earnings and cash flow per share as the acquisition of LeoVegas AB will be funded from the company's existing cash on hand. The press release reveals that there is.
The experienced executive further declares that a successful acquisition is destined to create "attractive opportunities" to fully realize the potential of the company's "omni-channel strategy."
Horn buckle statement
"Our vision is to be the best gaming entertainment company in the world, and our strategic opportunities with LeoVegas AB will continue to expand our reach around the world. BetMGM in the United States. With remarkable success in Europe, the acquisition of LeoVegas AB will allow us to expand our online gaming presence globally. We look forward to welcoming the LeoVegas AB team to our family. "
Eminento Enterprise
LeoVegas AB was founded in 2011 by Robin Ramm-Ericson and Gustaf Hagman and is responsible for online casinos at GoGoCasino.com, RoyalPanda.com, LeoVegas.com, PinkCasino.co.jp and LiveCasino.com.
By the end of March, the Stockholm-based operator would generate approximately € 3 million ($ 3 million) in total annual revenue and its associated interest rate of approximately € 9300 million ($ 4 million). To take tax, pre-depreciation adjusted profit.
Tentative schedule
MGM Resorts International has declared that the acceptance period for LeoVegas AB's offer will begin next month and end around August 2022, with the resulting transaction scheduled to close in the second half of this year. increase.
However, it claims that the proposal requires "certain regulatory approval" and "customary termination conditions" as well as the consent of at least 90% of the shareholders of the target company.
Bakara-chanI knew as of last year lol
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