VICI shareholders approve share issue for MGM Growth Properties acquisition
| By Nosa Omoigui
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.