Private equity giant Apollo Global Management has agreed to acquire land-based operator Great Canadian Gaming Corporation in a deal worth more than CAD$3.3bn (£1.91bn/€2.13bn/US$2.51bn).
Under the deal, Apollo will purchase all of the outstanding shares of Great Canadian’s common stock for CAD$39.00 per share, using funds managed by affiliates.
Should the acquisition go ahead as expected, Great Canadian will continue to be based in Toronto and led by a Canadian management team and with Canadian board members.
Apollo said it anticipates certain Canadian institutions may also co-invest in the transaction in order to build up equity in the business upon completion of the acquisition.
The deal remains subject to a number of approvals, but has already secured the backing of the Great Canadian board of directors, which voted unanimously to support the proposal.
The board also recommended that shareholders vote in favour of the transaction at a special meeting of shareholders, which is due to take place next month.