Cineplex Inc. has signed a deal to sell its Player One Amusement Group business to OpenGate Capital for $155 million in cash.
Player One Amusement Group sells, distributes, operates and services arcade games and other equipment.
Cineplex chief executive Ellis Jacob says the company built the business being sold through several acquisitions and organic growth, to become a North American leader.
The company says the sale unlocks value for Cineplex and its stakeholders and provides immediate liquidity for debt repayment.
Under the deal, Player One Amusement Group has signed a long-term agreement to continue to supply and service games in Cineplex’s theatres and location-based entertainment venues.
The transaction is expected to close in the first quarter of 2024 and is subject to regulatory approvals and other closing conditions.
This report by The Canadian Press was first published Nov. 22, 2023.
Companies in this story: (TSX:CGX)
