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MGM Resorts International announces offer to acquire LeoVegas

2 May 2022

(PRESS RELEASE) -- MGM Resorts International announced that it has commenced a recommended public tender offer for 100% of the shares of LeoVegas AB at a price of SEK 61.00 in cash per share, equivalent to a total tender value of approximately $607 million. The acquisition will be financed with existing cash and is expected to be accretive to MGM Resorts' earnings and cash flow per share.

"Our vision is to be the world's premier gaming entertainment company, and this strategic opportunity with LeoVegas will allow us to continue to grow our reach throughout the world," said MGM Resorts' CEO & President Bill Hornbuckle. "We have achieved remarkable success with BetMGM in the U.S., and with the acquisition of LeoVegas in Europe we will expand our online gaming presence globally. We believe that this offer creates a compelling opportunity that allows the combined teams of MGM Resorts and LeoVegas to accelerate our global digital gaming growth and fully realize the potential of our omnichannel strategy. We look forward to being able to welcome the LeoVegas team to our MGM Resorts family."

Founded in 2011 by Gustaf Hagman and Robin Ramm-Ericson, LeoVegas is a leading global online gaming company with licenses in eight jurisdictions primarily in the Nordics and rest of Europe. LeoVegas generated EUR 393 million in revenue and EUR 48 million in Adjusted EBITDAii during the last twelve months ended March 31, 2022. The business is headquartered in Stockholm with offices in Malta, United Kingdom and Milan.

MGM Resorts believes the acquisition of LeoVegas will provide a unique opportunity for the Company to create a scaled global online gaming business with the following attributes:

- Strategic Opportunities to Accelerate Growth and Product Offerings – LeoVegas' online casino and sports betting capabilities and strong customer base outside of the U.S. is expected to further expand MGM Resorts' presence around the world.
- Experienced Online Gaming Management Team and Superior Technology Capabilities – LeoVegas' management team has demonstrated the ability to develop a robust and scalable technology platform with advanced product offerings.
- Commitment to Continued Profitable Growth – LeoVegas has operated profitably as a high-growth platform since 2014. From 2017 to 2021, LeoVegas' revenues compounded annual growth rate was 16%, while maintaining strong profitability. MGM Resorts' scale, brands and expertise will allow the combined businesses to expand within existing gaming segments and provide incremental opportunities to enter new areas.

The acceptance period of the offer is expected to commence on or around June 2022 and expire on or around August 2022. An offer document regarding the offer is expected to be made public shortly before the commencement of the acceptance period. Assuming that the offer is declared unconditional no later than around end of August 2022, settlement is expected to begin around early September 2022.

The offer is subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of LeoVegas' shares and customary closing conditions. It is expected to be completed during the second half of fiscal year 2022.
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