(Toronto) Cineplex has signed an agreement to sell its Player One Amusement Group business to US private equity firm OpenGate Capital for $155 million in cash.
Player One Amusement Group sells, distributes, operates and services arcade games and other equipment.
Ellis Jacob, president and CEO of Cineplex, explains that the company has grown the business through several acquisitions and organic growth, to become a leader in North America.
The company says the sale unlocks value for Cineplex and its stakeholders and provides immediate liquidity for debt repayment.
As part of this transaction, Player One Amusement Group has signed a long-term agreement to continue to provide and service games in Cineplex cinemas and entertainment venues.
The transaction is expected to close during the first quarter of 2024, subject to regulatory approval and other customary closing conditions.
Company in this dispatch: (TSX: CGX)