VICI Properties has announced the acquisition of MGM Growth Properties (MGP) for $17

VICI Properties has announced the acquisition of MGM Growth Properties (MGP) for $17.2bn.

VICI, MGP and MGM Resorts International - MGP’s controlling shareholder - today entered into a definitive agreement, known as the ‘Master Transaction Agreement’.

“After many years of growing both of our portfolios, combining them into ane society testament generate the topper results for the shareholders of both companies,” said MGP CEO William James Stewart.

“The combined company testament make a superior program for delivering exceptional returns to MGP’s existing shareholders, by improving diversification, increasing scale, lowering cost of great and benefiting from hereafter growth.”

Approved past the gameboard of directors of from each one of MGM Resorts, MGP and VICI, the transaction is expected to tight inwards the 1st half of 2022, case to customary closing conditions, regulatory approvals and favourable reception past VICI stockholders. The VICI gameboard of directors and management team up will remain unchanged.

“Through this transformative strategical acquisition, we are meeting MGP’s best-in-class portfolio into VICI’s best-in-class management and governance platform, creating the premiere gaming, amusement and leisure REIT inward America,” said VICI Properties CEO Ed Pitoniak.

Alongside the closing of the transaction, VICI testament participate into an amended and restated control take with MGM Resorts, which will have got a sum up yearly split of $860m. It includes an initial full term of 25 years, with threesome 10-year tenant renewal options.

Bill Hornbuckle, CEO and President of MGM Resorts, commented: “This dealings unlocks the important existent acres value of our assets, enhances our financial flexibility and strengthens our ability to put to death key maturation initiatives. We appear forward to our long-term partnership with VICI.”