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MGM Resorts and major shareholder IAC buy back US$405 million of MGM common stock

Newsdesk by Newsdesk
Tue 15 Feb 2022 at 04:57
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MGM Resorts International has announced a major share buyback transaction that will see the company and one of its major shareholders, US media and technology firm IAC/InterActiveCorp (IAC), each acquire 4.5 million shares of MGM Resorts common stock from Corvex Management LP.

The purchase, at a price of US$45 per share, will see MGM and IAC each pay around US$202.5 million and pushes IAC’s stake in the US gaming giant to around 14.4%. IAC had originally acquired a 12% stake in MGM Resorts, worth around US$1 billion, via a series of transactions in August 2020.

Following the transaction, funds associated with Corvex will continue to own approximately 6.67 million shares, or 1.5% of MGM’s outstanding common stock, the company said.

“Today’s announcement is a testament to the confidence we have in the long-term trajectory of our business and reflects the commitment we have to our capital allocation strategy, which includes returning cash to shareholders and maintaining a strong balance sheet,” said MGM Resorts Chief Financial Officer and Treasurer, Jonathan Halkyard.

“With this purchase, we have now bought back approximately 11.5% of our outstanding shares, showing our continued confidence in MGM stock.”

MGM said the acquisition, due to settle by this Wednesday 16 February, is being made under the company’s February 2020 US$3 billion stock repurchase program, of which US$636.7 million will remain following the transaction.

As of 12 February 2022, there were around 444.8 million shares of the company’s common stock outstanding.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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