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Real Estate : Real Estate Management & Development | Mid Cap Blend
Company profile

CBRE Group, Inc. is a holding company. The Company's Advisory Services segment provides a range of services globally, including property leasing, property sales, mortgage services, property management services and valuation services. The Global Workplace Solutions segment provides a suite of integrated, contractually based outsourcing services to occupiers of real estate, including facilities management and project management. The Real Estate Investments includes segment investment management services provided globally; development services in the United States, United Kingdom and Continental Europe, and legacy flexible office space solutions. The Company provides services to real estate investors and occupiers. Its services include capital markets, property leasing, investment management, property management, valuation and development services, among others. The Company also provides expert technical support services for high-end laboratory systems in the United States.

Closing Price
$77.28
Day's Change
0.50 (0.65%)
Bid
--
Ask
--
B/A Size
--
Day's High
77.64
Day's Low
76.41
Volume
(Light)
Volume:
589,000

10-day average volume:
1,397,597
589,000

MGM RESORTS INTERNATIONAL ANNOUNCES ACCEPTANCE OF PUBLIC TENDER FOR LEOVEGAS

12:02 pm ET August 31, 2022 (PR Newswire) Print

MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that its public tender offer for the shares of LeoVegas AB (publ) ("LeoVegas") has been accepted by 96% of LeoVegas shareholders at a price of SEK 61.00 in cash per share, equivalent to a total tender value of approximately $604 millioni. Settlement of the shares is expected to be initiated on or around September 7, 2022.

"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 MGM Resorts' CEO & President Bill Hornbuckle. "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."

"Joining forces with MGM Resorts is a major win for LeoVegas and we're excited to begin working with our new teammates to build upon the work we've done over the last 10 years," said LeoVegas Group CEO Gustaf Hagman. "MGM Resorts is a premier gaming entertainment company and we look forward to leveraging their expertise to further our long-term strategic goals."

Founded in 2011 by Gustaf Hagman and Robin Ramm-Ericson, LeoVegas is a leading global online gaming company with licenses in nine jurisdictions primarily in the Nordics and rest of Europe. LeoVegas generated EUR 394 million in revenue and EUR 46 million in Adjusted EBITDAii during the twelve months ended June 30, 2022. The business is headquartered in Stockholm with major 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.

AdvisorsMGM Resorts has retained Goldman Sachs & Co. LLC. as financial advisor, Advokatfirman Vinge KB and Weil, Gotshal & Manges LLP as legal counsel and Fox Rothschild as gaming counsel in connection with the offer.

About MGM Resorts InternationalMGM Resorts International (NYSE: MGM) is an S&P 500(R) global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 33 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE(R) Magazine's World's Most Admired Companies(R). For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.

About LeoVegas Mobile Gaming GroupLeoVegas' vision and position is "King of Casino". The global group LeoVegas Mobile Gaming Group offers games on Casino, Live Casino, Bingo and Sport. The parent company LeoVegas AB (publ.) is located in Sweden and its operations are mainly located in Malta. The company's shares are listed on Nasdaq Stockholm. www.leovegasgroup.com

Forward Looking StatementsStatements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding the closing of the acquisition and any benefits expected to be received from the acquisition. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to realize them. The Company does not guarantee that the transaction or other events described herein will happen as described (or that they will happen at all). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the Company's ability to complete the transaction on the terms described herein or all, the satisfaction of the closing conditions, including the receipt of regulatory approvals, to which the completion of the transaction is subject, which could delay or prevent the completion of the transaction, the continued impact of the COVID-19 pandemic on the Company's business, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

MGM RESORTS CONTACTS

Investment Community: ANDREW CHAPMAN, Director of Investor Relations (702) 693-8711, achapman@mgmresorts.com

News Media: BRIAN AHERN, Executive Director of Communications media@mgmresorts.com

LEOVEGAS CONTACTS

Gustaf Hagman, Group CEO +46 (0) 8 410 367 66, gustaf.hagman@leovegasgroup.com

Stefan Nelson, Group CFO +356 993 942 68, stefan.nelson@leovegasgroup.com

Philip Doftvik, Director of Investor Relations and Corporate Finance +46 (0)73 512 07 20, philip.doftvik@leovegasgroup.com

i Based upon 97,652,970 outstanding shares of LeoVegas and a USD/SEK exchange rate of 9.87. ii Definition of Adjusted EBITDA per LeoVegas' financial reports. The amount has been calculated as the sum of the Adjusted EBITDA figures in LeoVegas' financial reports for the third and fourth quarters 2021 and the first and second quarters 2022.

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View original content:https://www.prnewswire.com/news-releases/mgm-resorts-international-announces-acceptance-of-public-tender-for-leovegas-301615643.html

SOURCE MGM Resorts International

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