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Announced

IAC to acquire a 12% stake in MGM Resorts for $1bn.

Financials

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Transaction Value£765m
Consideration TypeCash
Capital Owned-
Capital Bid For12%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Hotels and Motels

entertainment

hotels

hospitality

United States

Single Bidder

Public

Friendly

Acquisition

Minority

Pending

Synopsis

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IAC, a media and Internet company, agreed to acquire a 12% stake in MGM Resorts, an American global hospitality and entertainment company, for $1bn. "MGM Resorts presents a unique opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with immense potential to move online. We will be a minority investor and a long-term strategic partner, and would welcome the opportunity to contribute to MGM's success in any way that MGM's Board would look favorably on our involvement," Joey Levin, IAC CEO.

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