Las Vegas Sands (LVS) prices 44.26M shares at $44 for Miriam Adelson; Proceeds said used for Dallas Mavericks stake

Las Vegas Sands Corp. (NYSE: LVS) announced the pricing of the previously announced secondary public offering of 46,264,168 shares of its common stock by Dr. Miriam Adelson and The Miriam Adelson Trust at a price to the public of $44.00 per share. The Offering is expected to close on December 1, 2023, subject to satisfaction of customary conditions. The Company will not receive any proceeds from the sale of the shares by the Selling Stockholders.

Miriam Adelson is said to be using the proceeds to acquire a majority stake in the Dallas Mavericks from Mark Cuban.

Goldman Sachs & Co. LLC and BofA Securities are acting as joint book-running managers for the Offering.

In addition, subject to the closing of the Offering, the Company has agreed to repurchase 5,783,021 of the shares of common stock being offered in the Offering for approximately $250 million at the same per share price to be paid by the underwriters to the Selling Stockholders in the Offering.

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