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US: FTC conditionally clears US$2.8b casino acquisition

By  |  October 2, 2018

Penn National Gaming announced on Tuesday morning, October 2, that the US Federal Trade Commission (FTC) has cleared its pending acquisition of Pinnacle Entertainment, subject to the previously agreed divestitures of four Pinnacle properties to Boyd Gaming: Pinnacle will sell four of its Ameristar properties to Boyd Gaming Corp for US$575 million.

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    The completion of the proposed transaction is contingent on the receipt of approval from one jurisdiction, as well as certain other customary conditions and is expected to finish early in the fourth quarter of 2018.

    In addition to clearance by the FTC, Penn National has received approvals from thirteen gaming regulatory bodies in connection with its proposed acquisition of Pinnacle Entertainment. In addition, on March 29, shareholders of both Penn National and Pinnacle Entertainment approved the proposed merger, with over 99% of all votes cast in favor of the transaction.

    Full Content: Businesswire

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