MGM Resorts has received all regulatory, governmental or similar clearances, approvals and decisions as the purchase of LeoVegas nears completion.
The casino and entertainment operators initially disclosed its €575m manoeuvre in early May 2022 with an offer of a 44.1 per cent premium on the group’s closing price of SEK 42.32.
At the time, the prospective purchase was praised as “a unique opportunity for the company to create a scaled global online gaming business,” with MGM earlier this month detailing a plan to execute on an expanded online gaming presence in Europe.
“The completion of the offer is subject to the conditions stated in the offer document, including the receipt of all regulatory, governmental or similar clearances, approvals and decisions that are necessary to complete the transaction,” a company statement read.
“MGM has received all relevant approvals. Therefore, the condition regarding the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions is fulfilled.”
The US operator has previously outlined a trio of key benefits to be felt from the acquisition of the Stockholm headquartered online casino and sports betting operator, the first of which is the provision of strategic opportunities to accelerate growth and product offerings outside of the US.
Furthermore, MGM would also gain the presence of an experienced online gaming management team and enhanced technology capabilities, as well as a commitment to continued profitable growth given it has operated profitably since 2014.
“As previously announced, the acceptance period for the offer expires on August 30, 2022,” the statement continues. “Settlement for shares tendered in the offer will take place as soon as MGM announces that the conditions for the offer are fulfilled or if MGM otherwise decides to complete the offer.
“Provided that such announcement is made no later than on 31 August 2022, settlement is expected to be initiated on or around 7 September 2022.”