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ClubCorp to be acquired by Apollo Global Management funds

ClubCorp, a specialist in private golf, country, business, sports and alumni clubs in North America, is to be acquired by funds affiliated to Apollo Global Management in an all-cash deal worth USD1.1 billion.

The Apollo funds will acquire all of the outstanding shares of ClubCorp for USD17.12 per share in cash, which represents a premium of approximately 30.7 per cent over its closing stock price on 7 July, 2017.
The ClubCorp Board of Directors, acting with the recommendation of its Strategic Review Committee, unanimously approved the agreement with the Apollo funds.
“We are pleased to reach this agreement with the Apollo funds, which follows a comprehensive review of strategic alternatives by ClubCorp’s Board of Directors,” says John Beckert (pictured), Chairman of the Board of ClubCorp. “With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success by providing its members with unrivalled experiences at its clubs. This transaction represents the culmination of our review of strategic alternatives and achieves our goal of enhancing value for shareholders. The company looks forward to working closely with Apollo as it enters the next stage of its growth.”
“We are excited for our funds to be acquiring ClubCorp,” says David Sambur, Senior Partner at Apollo. “We look forward to working with ClubCorp’s outstanding management team and talented employees, who have built a best-in-class member-centric business that delivers exceptional experiences. We plan to leverage Apollo’s resources and expertise while working with ClubCorp’s dedicated team to continue to grow the business and provide the highest level of service and club offerings to members.”

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