The transaction for the management firm’s acquisition by an affiliate of certain investment funds managed by affiliates of Apollo Global Management, LLC, was expected to close on or about September 18th after its approval at a special stockholders meeting a day earlier. Upon the closing, stockholders will be entitled to receive $17.12 per share in cash.
ClubCorp, the Dallas, Texas-based management firm, announced on September 17th that its acquisition by an affiliate of certain investment funds managed by affiliates of Apollo Global Management, LLC was approved at a special meeting of stockholders that was held on September 17th.
Subject to the satisfaction of the remaining customary closing conditions, ClubCorp expects the transaction to close on or about September 18, 2017.
Upon the closing of the transaction, ClubCorp stockholders will be entitled to receive $17.12 per share in cash.
ClubCorp owns or operates a portfolio of over 200 golf and country clubs, business clubs, sports clubs, and alumni clubs in 28 states, the District of Columbia and two foreign countries that serve over 430,000 members, with approximately 20,000 peak-season employees. ClubCorp properties include: Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, Calif.; The Woodlands Country Club (The Woodlands, Texas); Capital Club Beijing; and Metropolitan Club Chicago.
C&RB reported on the acquisition and how it was analyzed by industry observers in July (http://clubandresortbusiness.com/2017/07/clubcorp-bought-apollo-global-management-1-1-billion/ and http://clubandresortbusiness.com/2017/07/report-clubcorp-deal-breathe-life-industry/)