Great Canadian Gaming Corporation, one of the most important gaming and entertainment companies in the country, has announced it received all regulatory approvals for the acquisition of the company by an affiliate of Apollo Global Management, a powerful international private equity firm.
Raptor Acquisition Corporation, the respective affiliate of Apollo Global Management, will acquire Great Canadian shares at the price of 45 Canadian dollars per share. That figure was approved by the Canadian company’s shareholders as it represented the exact trade value of Great Canadian shares in February 2020, just before the coronavirus pandemic started having a severe impact on the business.
The arrangement is expected to become effective on September 23, 2021. After the completion of the deal, the Great Canadian Corporation shares and debentures will be unlisted from the Toronto Stock Exchange.
Great Canadian was founded all the way back in 1982 in Ontario and since then it has grown into a nationwide company that operates 25 gaming, entertainment and hospitality facilities located in Ontario, British Columbia, New Brunswick, and Nova Scotia.
Apollo Global Management is a global alternative asset manager, which looks to invest into promising businesses all around the world. As of June 30, 2021, Apollo had assets under its management worth around 472 billion U.S. dollars.