International brokerage UBS Securities LLC will buy some $339 million worth of MGM Resorts common stock from private investment firm Tracinda Corporation.

Tracinda is unloading its 16.2 percent stake in MGM Resorts following the demise of its founder Kirk Kerkorian in June 2015. Kerkorian, which also founded MGM Resorts International, reportedly stated in his last will and testament that Tracinda must dispose its stake in the U.S.-listed casino operator.

In a regulatory filing, MGM announced that Tracinda is selling 10 million MGM Resorts shares to UBS, with the price of US$33.89 per share representing a discount of approximately 1 percent from the closing price of the common stock on December 4.

Tracinda expects UBS to settle the transaction on today.