VICI Properties is acquiring MGM Growth Properties for $17.2 billion, including the assumption of $5.7 billion in debt. When the deal is complete, VICI will have an estimated enterprise value of $45 billion, making it one of the largest experiential net lease REITs.

Under the terms of the agreement, MGM Growth Properties shareholders will receive 1.366 shares of newly issued VICI stock in exchange for each Class A share of MGP. The fixed exchange ratio represents an agreed upon price of $43.00 per share of MGP Class A shares based on VICI's trailing 5-day volume weighted average price of $31.47 as of July 30, 2021 and represents a 15.9% premium to MGP's closing stock price on August 3, 2021. 

MGM Resorts will receive $43.00 per unit in cash for the redemption of the majority of its MGP Operating Partnership units that it holds for total cash consideration of approximately $4.4 billion and will also retain approximately 12 million units in a newly formed operating partnership of VICI Properties. The MGP Class B share that is held by MGM Resorts will be cancelled.