The acquisition is to be financed with existing cash, and is expected to be accretive to MGM Resorts’ earnings and cash flow per share. As noted by MGM Resorts, the acceptance period of the offer is expected to commence around June 2022, and expire around August 2022.

“An offer document regarding the offer is expected to be made public shortly before the commencement of the acceptance period. Assuming that the offer is declared unconditional no later than around end of August 2022, settlement is expected to begin around early September 2022,” a statement from the group read.

“The offer is subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of LeoVegas' shares and customary closing conditions. It is expected to be completed during the second half of fiscal year 2022.”

MGM Resorts explained that the acquisition will provide a unique opportunity for the company to create a scaled global online gaming business, with attributes such as strategic opportunities to accelerate growth and product offerings, an experienced online gaming management team and superior technology capabilities, and the commitment to continued profitable growth.

MGM Resorts CEO & President Bill Hornbuckle commented: “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.

“We have achieved remarkable success with BetMGM in the US, and with the acquisition of LeoVegas in Europe we will expand our online gaming presence globally. 

“We believe that this offer creates a compelling opportunity that allows the combined teams of MGM Resorts and LeoVegas to accelerate our global digital gaming growth and fully realise the potential of our omnichannel strategy. We look forward to being able to welcome the LeoVegas team to our MGM Resorts family.”

LeoVegas has announced that its board of directors has unanimously recommended that shareholders accept the public offer.