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Investment Canada approves Great Canadian Gaming's purchase by U.S. fund

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TORONTO — Great Canadian Gaming Corp.'s proposed acquisition by a fund affiliated with Apollo Global Management Inc. moved a step closer to completion following approval by Investment Canada.

The U.S. buyer received approval under the Investment Canada Act for the investment fund's $45 per share takeover offer.

That follows approvals in December from the Supreme Court of British Columbia and securityholders, as well as clearance under the Competition Act.

Certain other closing conditions remain, with the transaction expected to close in the second quarter of 2021.

Just three of the company's 26 casinos remain open after Ontario operations at the Elements Casino Grand River and Shorelines Casino Belleville were suspended as of April 2 following government mandates to address the spread of COVID-19.

Two casinos in Nova Scotia and one in New Brunswick remain open with restrictions.

About 79 per cent of shareholders voted in favour of the deal on Dec. 23 after the investment fund sweetened its earlier offer by more than 15 per cent.

This report by The Canadian Press was first published April 5, 2021.

Companies in this story: (TSX:GC)

The Canadian Press