Global investment firm Apollo Global Management has agreed to acquire land-based operator Great Canadian Gaming Corporation in a deal that’s worth over CAD$ 3.3 billion (US$ 2.51 billion).
Under the agreement, Apollo will purchase all the outstanding shares of Great Canadian’s common stock worth CAD$39.00 per share, using funds which its affiliates manage.
If the acquisition goes as planned, Great Canadian will remain based in Toronto and managed by a Canadian management team and with Canadian board members.
According to Apollo, it expects certain Canadian institutions to also co-invest in the transaction to build up equity in the business on the completion of the acquisition.
The deal is still subject to a number of approvals, but it has already backed up by Great Canadian board of directors, who have unanimously voted in support of the proposal.
The board also recommended that shareholders vote in favor of the transaction at a special shareholders meeting, which is scheduled to take place next month.