Apollo Inc. To Acquire Great Canadian Gaming
Great Canadian Gaming Corporation confirmed on Tuesday that its board of directors have voted unanimously in favour of the company being acquired by Apollo Global Management Inc. Apollo will according to the terms of the agreement, acquire the Canadian gaming powerhouse by means of funds managed by the company’s affiliates, and at a rate of CA$39 per outstanding share acquired.
The mentioned rate, so confirmed the company via its official statement, is equal to a 59 per cent premium as of the close of business on November 9, 2020. The total enterprise value to be paid by Apollo Funds is expected to exceed CA$3.3 billion. The deal is expected to be finalised by the second quarter of 2021.
The lead financial adviser to Great Canadian has been confirmed as Scotiabank, and the financial adviser to its special committee, as CIBC World Markets Inc. Macquarie Capital, Deutsche Bank Securities, and Barclays, all acted as advisers to Apollo Global Management.
Canadian Lead Will Remain
More good news is that Great Canadian Gaming will remain headquartered in Toronto, Canada. Also, management will remain predominantly Canadian, and the board of directors will continue to be populated by Canadian directors and executive management.
A further expectation, so confirmed Apollo Global Funds, is that upon close of sale, a number of Canadian investment institutions and holding companies may co-invest in the transaction, making of those companies equity owners alongside Apollo.
Established in 1982, Great Canadian Gaming Corporation operates 25+ gaming and entertainment casinos and venues, including several hospitality facilities, across four Canadian provinces – New Brunswick, Nova Scotia, Ontario, and British Columbia. The gaming and hospitality giant is headquartered in Ontario.
Apollo Is Capital & Experience
Great Canadian Chief Executive Rod Baker has voiced the expectation of a significant unlocking of value in favour of the company’s shareholders. He also referred to the transaction as one anticipated to be only beneficial to all involved – including stakeholders, team members and employees of the company, and of course the actual guests and customers.
Apollo, said Baker, is an asset and funds management powerhouse boosted by vast and extensive experience in specifically the gaming sector. This, said the CEO, can only prove beneficial by creating an additional strategic support structure and boost for and to the expansion of Great Canadian’s hospitality, leisure, and gaming offerings and amenities.
The company on Tuesday emphasised once again its own unwavering commitment to complying fully with all applicable reopening rules laid down and about to be laid down by health and safety authorities.