August 18, 2021 | Real Estate | North America | Ended

MGM Growth Properties / VICI Properties: New Deal Insights

Real estate investment trust VICI Properties is acquiring rival MGM Growth Properties (“MGP”) in a $17.2bn deal that will create the largest US casino and gaming real estate investment trust (REIT). The all-stock definitive agreement, at 4-Aug-21, valued MGP at $43 per share, a one-day premium of 15.9% to the target’s undisturbed price on 3-Aug-21. MGP’s controlling shareholder, MGM Resorts International (MGM US), will receive $43 cash per share ($4.4bn) for redeeming its MGP operating partnership units. MGM will also retain approximately 12m units in a newly formed operating partnership with VICI. MGM’s Class B shares held in MGP will be cancelled and, on closing, MGP Class A shareholders and MGM will own 25% and 1% of VICI, respectively. The deal has been approved by the boards of the three companies – MGP, MGM, and VICI – as well as a conflicts committee at MGP. One condition to closing is VICI shareholder approval, but ...

How to Access this Report

Please contact us to request access to this report.


Share this article


Back to top of page