MGM Resorts International has announced that its acquisition of LeoVegas has been finalized after the company’s shareholders approved the $604 million offer.
MGM’s proposal, which equates to $5.65 per share in cash, was already approved by the LeoVegas board back in May. That figure represents a 44 percent premium compared to LeoVegas’ closing price on April 29, when the deal was first announced.
“The completion of this transaction represents a major milestone for MGM Resorts as we continue to pursue our strategy of growing our online gaming footprint worldwide,” said Bill Hornbuckle, MGM Resorts president and CEO.
“We look forward to welcoming the LeoVegas team and are excited to begin working with them to grow our global digital gaming business and maximize the full potential of our omnichannel strategy.”
With regards to the motivation behind the deal, MGM said previously that LeoVegas provided a “unique opportunity” for the gaming giant to grow its online gaming presence.