Great Canadian Gaming Corporation is ready for a brand new era of its development, as it recently announced a new definitive agreement. The casino operator is going to be acquired by Apollo Global Management, Inc. striving to improve its gambling and hospitality potential. The acquisition will amount to some CA$3.3 billion in Great Canadian Gaming common stock.
This week is a special one for one of Canada’s leading casino operators, as it announced the official entering of a definitive agreement that will see great changes for the company. An overall improvement of its offerings is projected over the upcoming years. The acquisition could amount to some CA$2.16 billion through funds. It was clarified that Apollo Global Management has offered CA$39 per share.
Apollo Global Management
Great Canadian Gaming Corporation has a total of 25 casino locations and gambling halls in operation right now and their influence is felt across Canada. Ontario, British Columbia, New Brunswick, and Nova Scotia all feature premium venues managed by the casino leader and they are capable of introducing a premium gaming portfolio to their patrons on a day-to-day basis.
Now the casino leader is going to be acquired through Apollo Funds, the details around which were revealed recently. All the outstanding shares of the casino leader are going to be purchased at an optimal price for both parties involved. What should be pointed out is that Great Canadian Gaming Corporation is planning on remaining headquartered in Toronto, just the way it is right now. This makes it easier for the casino operator to oversee its daily work.
Moreover, the casino operator will continue being led by a Canadian management team and there will be Canadian board members influencing the operation. This will optimize the operation going forward for both parties. There are projections that some Canadian institutions would like to make a move and invest in the transaction in question.
Definitive Agreement
As a result of this move, they could become equity owners of Great Canadian Gaming. This latest announcement marks the beginning of an important period for the casino operator and Canada’s gambling field. Rod Baker, casino leader’s Chief Executive Officer, said that the Board of Directors has come to the conclusion that this collaboration is the way to go. It will bring great positives for both casino patrons and shareholders.
Projections are that the second quarter of 2021 is about to bring the closing of this deal. Mr. Baker said that the casino operator is ready to benefit from the expertise Apollo Global Management has under its belt. It should be noted that new casino locations and properties are expected to swell in number in the upcoming years of ownership.
December 2020 will hold a special meeting of shareholders that will see a vote on the subject. An informational circular is going to include more information on the transaction and all Great Canadian Gaming shareholders will get the chance to look through it. Expectations are that future gaming operation will offset the negative impact the past half a year has had.
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