Apollo Gets a Nod from the Court in its Bid for Great Canadian Casino

Wall Street Giant Apollo Global Management finally received a nod from the court for its acquisition of Great Canadian Gaming, which has been in the pipeline for some time.

About the Deal

British Columbia's Supreme Court consented to the deal just after Great Canadian Casino shareholders pledged their support for the deal. Apollo first announced plans to acquire Great Canadian in August, bidding between C$38 and C$41 per share. They eventually made a formal offer of C$39 per share in November.

At this stage, Great Canadian's major shareholders aggressively fought Apollo's offer, saying it was undervalued at C$3.3 billion. Since the Great Casino controls the most prominent online casino venues around the Greater Toronto Area, this is quite true.

Apollo increased its bid by 16% by offering to bid at C$45 per share. This deal was issued in February before the Covid-19 outbreak closed the Casino for months.

On December 23, 79%  of the Great Canadian shareholders voted to accept the revised offer during a shareholder's meeting.

A few regulatory steps remain after the Supreme Court and shareholders backed the acquisition.

The Deal Is Expected to Be Completed Around Q2

Since Apollo will shortly acquire Great Canadian, the Toronto Stock Exchange will delist. Apollo is optimistic that its business will grow further after the complete acquisition of the Casino.

The Great Canadian Casino has existed since 1982 and boasts 26 casinos in Ontario, Nova Scotia, British Columbia, and New Brunswick. Due to the current restrictions in the Ontario region resulting from the Covid-19 pandemic, only two properties are currently open in the area.

After a long period of involvement in the gambling industry Apollo has decided to invest in this business. In recent times, private equity funds have been making headlines in the gaming world with different magnitudes if investments come in different directions.

Other recent strides by Apollo

In November, Apollo invested $500 million in SAZKA Group, a Czech lottery company, to strengthen its bid to take the UK National Lottery from Camelot, which had been operating for a long time.

Similarly, Gamenet, another Apollo-backed operator, revealed its plan to acquire an Italian B2C business for €950million. Apollo also participated in bidding for William Hillbut Caesars Entertainment, Inc. won that bid.

Although William Hill's operators still revealed that they had plans to sell the company's non-US operation later in the year, Apollo is ready to bid for those as well.

If you are a fan of online casino games, you should know that we have several reviews of the best online casinos at casinoble Ireland, where you can find out about their bonuses, payment methods, and much more. We also review sports betting sites, esports, and mobile casino platforms.

1. Betsson

2. 22bet

3. Jackpot City