(Reuters) – MGM Resorts International (NYSE:) International offered Monday to purchase Swedish online casino company LeoVegas AB, for approximately $607 million. This acquisition will allow the U.S.-based casino operator to increase its European presence.

MGM offered a public tender for 61 Crowns ($6.20) per share in cash. This represents an 44.2% discount to LeoVegas’ last closing price at 42.32 crowns.

MGM is looking to capitalize on the sports betting market through BetMGM. This joint venture forecasted more than $1.3B in revenues for 2022. It was created as a response to the coronavirus pandemic, which fueled demand for online gambling.

MGM Resorts chief executive officer Bill Hornbuckle stated in a statement that “We have had remarkable success in BetMGMGM in the U.S.A. and we will increase our global online gaming presence with LeoVegas Europe.”

LeoVegas is a company that holds licences in eight European jurisdictions. The majority of its licenses are in Europe’s Nordics and the rest of Europe. LeoVegas recommended to shareholders accepting MGM’s offer.

The offer acceptance period will commence in June and finish around August 2022.

($1 = 9.8452 Swedish Crowns