An offer to buy LeoVegas, the online gaming company, by MGM Resorts, has been announced at the weekend.
MGM has started a recommended public tender offer for 100 per cent of LeoVegas at a price of SEK61 in cash per share, equivalent to about $607m.
“Our vision is to be the world’s premier gaming entertainment company and this strategic opportunity with Leo Vegas will allow us to continue to grow our reach throughout the world," said MGM CEO Bill Hornbuckle.
“We have achieved success with BetMGM in the US and with this acquisition in Europe we will expend our online gaming presence globally.”
LeoVegas was founded in 2011 by Gustaf Hagman and Robin Ramm-Ericson and has licences in eight jurisdictions, mainly in Scandinavia and the rest of Europe.
It generated €393m in revenue and €48m in adjusted EBITDA during the past 12 months to March 31, 2022. The company is Sweden-based and has offices in Malta, the UK and Italy.