VICI shareholders approve share issue for MGM Growth Properties acquisition
Vici Properties’ shareholders have approved the proposal to issue VICI common stock in preparation for the company’s acquisition of MGM Growth Properties (MGP).
99.9% of shareholders voted in favour of issuing the shares to MGP Class A stockholders as consideration in the merger, during a meeting called specially for the vote.
VICI – which was spun off of Caesars Entertainment and owns many properties operated by Caesars – first announced its intentions to buy MGP – itself spun off of MGM Resorts – in August in a $17.2bn deal.
The deal is expected to be completed in the first half of 2022, subject to closing conditions being met and regularly approval being granted.
MGP Class A shareholders will receive 1.366 shares of newly issued VICI common stock in exchange for each Class A share of MGP.