MGM Clears Regulatory Hurdles To Pursue Online Casino LeoVegas

MGM Clears Regulatory Hurdles To Pursue Online Casino LeoVegas

-The acquisition of online casino LeoVegas is nearing completion.

-The casino, sports betting, and hotel & resorts conglomerate MGM Resorts have obtained all regulatory, government, and other clearances, approvals, and determinations.

-The casino and entertainment operators unveiled their €575 million transaction at the beginning of May 2022 with an offer of a 44.1% premium over the group’s closing price of SEK 42.32.

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LeoVegas

LeoVegas to Develop Global Online Gambling Operations

The casino and entertainment operators unveiled their €575 million transaction at the beginning of May 2022 with an offer of a 44.1% premium over the group’s closing price of SEK 42.32. 

At the time, the possible acquisition was lauded as “a rare chance for the corporation to develop a scaled global online gambling operation,” with MGM announcing a desire to extend its online gaming footprint in Europe earlier this month.

The consummation of the offer is contingent on the conditions outlined in the offer agreement, including the receipt of any regulatory, governmental, or equivalent clearances, approvals, and determinations required to execute the transaction. 

MGM has obtained all applicable permissions. Consequently, the requirement on the receipt of all required regulatory, government, and similar clearances, approvals, and decisions has been met.

Accelerating Product Expansion and Offering in US Market

The US operator has previously underlined three main advantages of the purchase of the Stockholm-based online casino and sports betting operator. 

The first of these benefits is the availability of strategic potential to accelerate expansion and product offerings outside the United States. 

In addition, MGM would receive an experienced online gaming management team, better technological capabilities, and a promise to ongoing profitable expansion, considering that it has been profitable since 2014.

The offer acceptance time closes on August 30, 2022, as originally reported,” the statement says. “Shares tendered in the offer will be settled as soon as MGM declares that the offer’s requirements have been met, or if MGM chooses otherwise to complete the offer. Assuming the announcement is made no later than 31 August 2022, settlement is anticipated to commence on or around 7 September 2022.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.