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 ...



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