LeoVegas elects three person board as MGM deal nears completion

LeoVegas has named a new three person board of directors as the purchase of the online gambling operator by MGM edges ever closer to completion.

This has seen Gustaf Hagman, CEO and Co-Founder of LeoVegas, William Hornbuckle, CEO and President of MGM Resorts, and Gary Fritz be elected to the group’s board. It was also confirmed that the latter will serve as Chair.

The move came at an extraordinary general meeting that was convened upon request by MGM, with the board to remain in place until the end of the next annual general meeting. It was also resolved that no remuneration shall be paid to each of those named.

In line with what LeoVegas had previously communicated, on September 22, 2022, shares of the group have were delisted from the Nasdaq Stockholm

Earlier this month, MGM commenced a compulsory acquisition procedure to gain all remaining shares in LeoVegas after taking its holding to above 98 per cent in an extended acceptance period. The company noted that this fell in line with the Swedish Companies Act.

On August 31, 2022, the operator elaborated on a “major milestone” after revealing that it controlled 93,447,289 shares, or 95.69 per cent, with its offer of SEK 61 (£4.92) being accepted by shareholders to gain an approximate 64.56 per cent holding.

Furthermore, since the time of announcement of the offer, the group had also acquired 30,400,000 LeoVegas shares at prices not exceeding that previously disclosed.

Subsequently, MGM declared the offer unconditional and extended the acceptance period to September 14, 2022. This has now been accepted  by shareholders with a total of 2,320,120 shares in LeoVegas, corresponding to approximately 2.38 per cent.

The US operator has long since hailed the prospective purchase as “a unique opportunity for the company to create a scaled global online gaming business,” with the group also previously detailing a plan to execute on an expanded presence in Europe.

It is anticipated that LeoVegas’ online casino and sports betting foothold outside of the US will swell MGM’s presence in an array of global markets further still.