Recent events in the Canadian online gambling industry have been dominated by Great Canadian Gaming’s successful attempt to merge with the private equity firm Apollo Global Management Inc. A revised agreement was announced by the gaming, entertainment, and hospitality firm in December of last year. This was in reference to its purchase by affiliated funds run by Apollo.
Under the new arrangements, the outstanding common shares of Great Canadian Gaming will be purchased by Apollo funds for CA$45 per share in cash. The original price per share was CA$39, therefore this represents an increase of almost 15.4 percent. It’s a deal that puts the company’s total worth at over $3.3 billion in Canada.
The agreement between Great Canadian Gaming and Apollo Global Management was originally reached in November 2020 and then revised the following month, following a pattern common to many online casino Canada deals. All of Great Canadian Gaming’s issued and outstanding shares will be purchased by Raptor Acquisition, an affiliate of funds managed by Apollo affiliates, for CA$45 a share.
The transaction is expected to close on or around September 23 of this year, pending fulfillment of the standard closing conditions. After this is done, the debentures and stock will likely be removed from trading on the Toronto Stock Exchange. The company may also cease to be a reporting issuer under Canadian securities regulations.
The Best Gambling in Canada Grateful
Great Canadian Gaming’s Chair, Peter Meredith, extended gratitude to the whole company’s staff on behalf of the board of directors. He singled out everyone’s unwavering commitment and hard work in light of the massive amount of effort required to close the Apollo acquisition. He claimed that the staff had worked tirelessly for the past 10 months to complete this project and had also contributed significantly to the company’s reopening of its many locations across the country.
Meredith said the effects of recent global events required an exceptional response, and the staff at Great Canadian Gaming delivered. He highlighted the team’s intense efforts, which had helped the company stay stable and grow over the past two years despite the worldwide economic and political unrest.
Meredith concluded by adding that the team’s ability to close the Apollo transaction while still meeting all of their other obligations is a true reflection of their extraordinary work. He praised the hard work and commitment of his management team, saying their efforts have not gone ignored.