MGM Growth Properties LLC (NYSE:MGP) entered into a definitive agreement to acquire 58% stake in Real Estate Assets from MGM Springfield on May 11, 2021. The transaction for a 100% stake is valued at approximately $400 million. MGM Resorts will lease the property from MGP and continue to operate the property following the consummation of the transaction, with no expected change to its employees, vendors, customers, and the community.

MGP will pay total consideration of approximately $400 million in cash (which may include cash on hand or cash from financings, including borrowings under MGP's revolving credit facility). MGM Resorts hold 42% stake in MGM Properties making the 42% stake acquisition an internal restructuring. The transaction is subject to regulatory approvals and other customary closing conditions is expected to close in the fourth quarter of 2021.

As of June 24, 2021,Massachusetts Gaming Commission approved the transaction. Transaction is expected to be immediately accretive to MGP's AFFO / share. Evercore served as financial advisor to the Conflicts Committee of MGP's Board of Directors.