Apollo Acquires Great Canadian Gaming Corp for $2.5 billion

Apollo Global Management who only yesterday announced it had invested €500m into gaming and lottery operator Sazka Group. And earlier said that it was interested in acquiring the European assets of William Hill has now bought the Great Canadian Gaming Corp for $2.5 billion.

Eyes will now be raised on just who are Apollo Global Management as it makes major moves into the gambling sector with its recent deals and exactly what the equity firms plans to do with them.

According to a press release by Great Canadian Gaming on the breaking deal that represents a 35% premium to the stock’s closing price and the transaction has been unanimously approved by Great Canadian’s board.

Chief Executive Officer Rod Baker said: “We believe Apollo’s extensive experience in the gaming sector will provide additional strategic benefits to help expand our gaming and hospitality offerings and to secure our position as a long-term market leader.”

Great Canadian Gaming was founded in 1982 and operates a total of 25 venues from gambling, entertainment and hospitality in Ontario, British Columbia, New Brunswick, and Nova Scotia.

Alex van Hoek, a partner at Apollo said: “Apollo recognizes the challenges the industry is facing and is “committed to working with the management team, regulators and health authorities to allow the company to reopen its properties as soon as it’s safe to do so.”