Operator News
Canada – Apollo’s deal to buy Great Canadian cleared by Investment Canada
By Phil - 6 April 2021
Apollo Global Management’s deal to buy Great Canadian Gaming Corp. has been approved by Investment Canada.
It follows approvals in December from the Supreme Court of British Columbia as well as approval from the Competition Act.
The transaction is now expected to close in the second quarter of 2021. It is anticipated that the Shares will be delisted from the Toronto Stock Exchange and the Company will apply to cease to be a reporting issuer under applicable Canadian securities laws.
Only three of Great Canadian’s 26 casinos are currently open after it was forced to shut venues in including Elements Casino Grand River and Shorelines Casino Belleville. Of the casinos still open two are in Nova Scotia and one is in New Brunswick.
Apollo Global Management had to increase its takeover offer by 15.4 per cent after a group of shareholders threatened to block the original deal but the new deal was approved by around 75 per cent of the shareholders.
Peter Meredith, Chairman of the Board of Great Canadian, said: “The increased purchase price of C$45 per share unlocks greater value for shareholders, and the Company and Board appreciate the support of some of Great Canadian’s largest institutional shareholders for this Transaction.”
Apollo Partner Alex van Hoek added: “Based on Apollo’s considerable experience in the gaming space, we see significant opportunity for Great Canadian to grow the business and bring an enhanced experience to guests as a privately held company with a longer-term view of success. As sponsors, we’re committed to providing Great Canadian with the financial and strategic flexibility to successfully manage COVID-19 challenges and accelerate future growth and innovation as the market leader in Canada.”
