By Benjamin Horney (August 4, 2021, 8:21 AM EDT) -- VICI Properties will buy MGM Growth Properties at an enterprise value of $17.2 billion, the companies said Wednesday, in a transaction put together with help from six law firms.
The deal will see real estate investment trust VICI Properties Inc. take control of MGM Growth Properties LLC from MGM Resorts International, according to a statement. MGM Resorts will maintain a roughly 1% stake in the VICI operating partnership worth $370 million.
As a result of the deal, MGM Resorts will receive cash proceeds of about $4.4 billion.
MGM Growth, or MGP, is a real estate investment trust that operates a portfolio...
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