Great Canadian Gaming Corporation has reportedly signed a definitive agreement for its acquisition by Apollo Funds, which is managed by the confederates of Apollo Global Management, Inc. As per the deal, Apollo Funds is set to take over all the unsettled shares of Great Canadian common stock at the rate of CAD 39 for every share in a transaction amounting to a total sum of over CAD 3.3 billion.
As put by Great Canadian’s CEO, Rod Baker, the company is thrilled that this deal comes as a great opportunity for the company’s stakeholders, while continuing to back the success of the business in the longer term. Baker believes that this acquisition is beneficial for the company’s shareholders, guests, team members, and other stakeholders as the company continues execution on its developmental and operational plans into 2021 and beyond, while navigating through this volatile time.
Further, Great Canadian also believes that Apollo’s extensive experience in the gaming field will offer additional strategic benefits to facilitate the expansion of its hospitality and gaming offerings, while securing the company’s position as a market leader in the long term, asserted Baker.
Alex van Hoek, Partner, Apollo, added that Great Canadian is a leader in the entertainment and gaming industry and based on Apollo’s knowledge and experience of the space, the company foresees opportunities to work in collaboration with Canadian’s talented team for driving additional growth and value. With the help of a market premier portfolio of established presence and assets in the leading geographic markets in Canada, the company is thrilled to help bring an improved experience to more guests across the country, added Hoek.
For the uninitiated, Apollo is dedicated to maintaining the company’s present operational footprint and speculates that Great Canadian’s properties will rise under the ownership of Apollo Funds. The company intends to help drive incremental, additional growth via initiatives comprising the expansion of non-gaming facilities, expanded marketing and loyalty initiatives, and gaming improvements that support the scale of the organization’s platform.