(Toronto) Cineplex has signed an agreement to sell its Player One Amusement Group business to U.S. private equity firm OpenGate Capital for $155 million in cash.
Player One Amusement Group sells, distributes, operates and services arcade games and other equipment.
Cineplex President and CEO Ellis Jacob says the company has expanded the sold business through multiple acquisitions and organic growth, becoming a leader in North America.
The company says the sale unlocks value for Cineplex and its shareholders and provides immediate liquidity to pay down debt.
As part of this transaction, Player One Amusement Group has signed a long-term agreement to continue offering and servicing games at Cineplex theaters and entertainment venues.
The transaction is expected to close in the first quarter of 2024, subject to regulatory approval and other customary closing conditions.
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