In Canada and the $2.5 billion deal that would see an affiliate of Apollo Global Management Incorporated acquire prominent casino operator Great Canadian Gaming Corporation has reportedly been approved by the Supreme Court of British Columbia.
According to a Thursday report from The Canadian Press news service published by the Financial Post newspaper, the New York-listed private alternative investments management firm first proposed buying the casino operator via an around $2.1 billion arrangement in November. It subsequently upped its bid last month and now purportedly intends to take over the company behind 25 facilities in the provinces of Ontario, Nova Scotia, British Columbia and New Brunswick by paying about $34.87 for every one of its outstanding shares.
The news service reported that the finalized transaction would result in Great Canadian Gaming Corporation being de-listed over the course of the second quarter subject to the fulfilment of customary regulatory and closing conditions and have its business folded into a portfolio of assets controlled by Apollo Global Management Incorporated thought to be worth in the region of $335 billion.
Alex Van Hoek from Apollo Global Management Incorporated reportedly told The Canadian Press that his firm has ‘considerable experience in the gaming space’ courtesy of its past ownership of Harrah’s Entertainment, which later changed its name to Caesars Entertainment Corporation. He purportedly moreover stated that the fund furthermore holds significant stakes in other gambling-friendly enterprises including Italian sportsbetting operator Gamenet Group SpA and European lottery giant Sazka Group AS and would now be looking to help Great Canadian Gaming Corporation ‘accelerate future growth and innovation as the market leader in Canada.’
The news service additionally reported that approximately 79% of Great Canadian Gaming Corporation’s shareholders voted in favor of the revised takeover deal on December 23 with Apollo Global Management Incorporated maintaining that its own private status will help the casino firm to achieve long-term financial flexibility.