Great Canadian Gaming Corp said on Tuesday that Apollo Global Management would acquire the company for about C$2.16 billion ($1.66 billion) through funds managed by its affiliates.
Apollo Global’s offer of C$39 per share is at a premium of about 34.9% as of Tuesday’s close, with a total enterprise valuation of more than C$3.3 billion.
Founded in 1982, Great Canadian operates 25 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia.
The deal, which is expected to close in the second quarter of 2021, has been approved unanimously by Great Canadian’s board, the Ontario-based company said in a statement.
Scotiabank is the lead financial adviser to Great Canadian, with CIBC World Markets Inc serving as financial adviser to its special committee.
Macquarie Capital acted as lead financial adviser to Apollo, with Deutsche Bank Securities and Barclays also advising the private equity firm on the deal.
Source: Reuters
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