TORONTO — Great Canadian Gaming Corp. says it has signed a deal to be bought by a U.S. private equity firm that values the casino operator at $3.3 billion.
Apollo Global Management Inc. has agreed to pay $39 per share for the company.
Great Canadian Gaming shares closed at $28.91 on the Toronto Stock Exchange on Tuesday.
It runs 25 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick and Nova Scotia.
The Great Canadian board has unanimously recommended that shareholders vote in favour of the transaction at a meeting that is expected to be held in December.
Once the deal closes, Great Canadian is expected to remain headquartered in Toronto, led by a Canadian management team.
Apollo also anticipates that Canadian institutional investors may buy into the deal alongside the Apollo Funds once it is complete.
This report by The Canadian Press was first published Nov. 11, 2020.
Companies in this story: (TSX:GC)
The Canadian Press