MGM Resorts International on Monday offered to acquire Swedish online gaming company LeoVegas AB for about $607 million, paving the way for the U.S. casino operator to expand its presence in Europe.
MGM floated a recommended public tender offer for 61 crowns ($6.20) in cash per share, which represents a 44.2% premium to LeoVegas’ last closing price of 42.32 crowns.
MGM has been looking to capitalise on the sports-betting arena through its joint venture BetMGM, which forecast earlier this year more than $1.3 billion in revenue for 2022, as the coronavirus pandemic fuelled demand for online gaming.
Read more: Reuters
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