Private equity firm Apollo Global Management LLC said on Sunday it had agreed to acquire ClubCorp Holdings Inc , one of the largest owners and operators of private golf and country clubs in the United States, for $1.1 billion.
The deal comes three months after ClubCorp announced the retirement of is CEO Eric Affeldt and said it had decided not to pursue a “strategic transaction,” after efforts to explore a sale did not result in any offer for the entire company.
Apollo said it will pay $17.12 per share in cash for ClubCorp, a 30.7 percent premium over its closing price on Friday, but less than the 12-month high of $17.50 the shares reached in February, on investor expectations that a sale process first reported by Reuters in January would be successful.
Founded in 1957, ClubCorp operates more than 200 properties, including golf and country clubs, business clubs and sports clubs across the United States, Mexico and China, serving more than 430,000 members.
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