GCGC in Online Casino Canada Headlines
The biggest item in online casino Canada news of late is Great Canadian Gaming getting all the necessary approvals for combining with the private equity company Apollo Global Management Inc. In December last year, the gaming, entertainment, and hospitality company made public news of an amended arrangement. This was regarding its acquisition by funds managed by Apollo’s affiliates.
Details of the Deal
In terms of the revision, Apollo funds will obtain the outstanding Great Canadian Gaming common shares for CA$45 per share, cash. This is an increase of roughly 15.4% from the original purchase price, CA$39 per share. It represents a transaction with a valuation for the total enterprise in excess of CA$3.3 billion.
In the same way that many online casinos Canada deals change, the original arrangement between Great Canadian Gaming and Apollo Global Management was originally agreed on in November 2020 before being amended a month later. Raptor Acquisition, an associate of funds run by Apollo affiliates, will get all issued and still outstanding shares in Great Canadian Gaming at CA$45 per share.
As long as the customary closing conditions remain satisfactory, it’s likely that the arrangement will close on or around the 23rd of September this year. Upon completion, it is expected that debentures and shares will be delisted from the Toronto Stock Exchange. The business will also possibly stop being a reporting issuer according to the relevant securities laws of Canada.
Great Canadian Gaming Grateful
Peter Meredith, Chair of Great Canadian Gaming, thanked the firm’s entire team on behalf of the company’s board of directors. He specifically noted everyone’s unflagging dedication and vigorous efforts in relation to the enormous workload the completion of the Apollo transaction demanded. He said that not only did everyone give this project their all over the preceding 10 months, they also energetically applied themselves to the companies reopening of their various properties across the country.
Meredith noted that the impact of recent world events has called for an unprecedented response and the Great Canadian Gaming workforce rose to the occasion and then some. He made special mention of their vigorous work plan that allowed the business to securely and successfully navigate its way through the global turmoil of the last two years.
Meredith ended his statement by saying that the completion of the Apollo transaction whilst managing the rest of the workload successfully is truly a testament to a remarkable team. He spoke of an admirable work ethic and total dedication by his management team and said that it has not passed unnoticed.