Great Canadian Gaming’s Acquisition of Casino New Brunswick
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Leo Raffin, Legal Adviser
to Great Canadian Gaming
Great Canadian Gaming Corp [TSX: GC] has agreed to purchase Casino New Brunswick, a casino, hotel and multi-use entertainment and convention centre located in Moncton, New Brunswick, for about $95 million.
The sellers in the transaction are Canadian private equity firm Clairvest Group, which invested in the company in 2008, and Sonco Gaming New Brunswick Ltd. The deal is expected to close in the fall of 2015, subject to the approval of regulators. In a statement, Clairvest said it expects to receive gross proceeds of about $55 million from the company’s sale. Based in Richmond, British Columbia, Great Canadian Gaming operates gaming facilities in Canada and the United States.