MGM Resorts International has announced that it has now received all the required regulatory approvals allowing the company to move forward with its proposed takeover of Swedish iGaming company LeoVegas.
Earlier this year, MGM made a surprise bid to acquire LeoVegas in a deal that is expected to be worth in the region of €575 million. At the time, the deal offered a 44.1% premium on LeoVegas’ most recent closing price of SEK 42.32. According to a press release issued in relation to the offer, the LeoVegas board unanimously recommended acceptance of the offer subject to regulatory approvals.
Those regulatory approvals have now been issued and the conditions of the deal met. Now LeoVegas must formally accept the offer before August 30th 2022. If the announcement of the offer acceptance is made no later than 31st August 2022, the company will then then begin the settlement of the deal on or around September 7th, 2022.
The news of the deal comes shortly after LeoVegas was fined by the UK Gambling Commission for the second time in four years. The UKGC issued a fine of £1.32 million (€1.57 million) for social responsibility and anti-money laundering failures.
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