Great Canadian Gaming Corporation, which owns Casino New Brunswick may soon have new owners.
Apollo Global Management Inc is hoping to acquire the company.
Under the terms of the agreement, it will acquire all the outstanding shares of Great Canadian Gaming common stock for $39.00 per share in a transaction with a total exceeding $3.3 billion.
A special meeting of Great Canadian Gaming shareholders is expected to be called in December to approve the transaction.
The transaction is expected to close in the second quarter of 2021.
“The Board of Directors, based on a recommendation from the special committee of independent directors, has unanimously concluded that this transaction represents the best course of action for the Company. Factoring in our long-term prospects, this transaction will unlock value for our shareholders at a significant premium to our current share price,” stated Rod Baker, the Company’s Chief Executive Officer.
He adds, “We believe Apollo’s extensive experience in the gaming sector will provide additional strategic benefits to help expand our gaming and hospitality offerings and to secure our position as a long-term market leader,” concluded Baker.
Great Canadian Gaming operates 25 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia.
Apollo is a global alternative investment manager with both national and international holdings.
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