Brief: Ardent Leisure To Sell Main Event Business To Dave & Buster's For $835 Mln

Coast Entertainment Holdings

06/04/2022 07:53

April 6 (Reuters) - Ardent Leisure Group Ltd  ALG.AX :
    * ANNOUNCES SALE OF MAIN EVENT TO DAVE & BUSTER'S FOR
US$835M
    * ARDENT LEISURE AND REDBIRD HAVE ENTERED INTO A BINDING
AGREEMENT
WITH DAVE & BUSTER'S
    * IF TRANSACTION COMPLETES, ARDENT LEISURE WILL RECEIVE
ABOUT
US$487M IN CASH PROCEEDS
    * USE PROCEEDS TO REPAY ITS OUTSTANDING DEBT FACILITY TO
QUEENSLAND TREASURY CORPORATION AND DEFERRED SETTLEMENT PAYABLE
TO ATO
    * AFTER DEAL, CO CURRENTLY INTENDS TO DISTRIBUTE ABOUT
A$430M TO
SHAREHOLDERS
    * ARDENT BOARD WILL UNANIMOUSLY RECOMMEND THAT ARDENT
SHAREHOLDERS
VOTE IN FAVOUR OF DEAL
    * POST DEAL, CO WILL BE SOLELY FOCUSED ON AUSTRALIAN THEME
PARKS
BUSINESS
    * EXPECTS TO RETAIN ABOUT A$150M OF CASH FROM TRANSACTION
PROCEEDS
    * FOLLOWING SALE OF STAKE IN MAIN EVENT BUSINESS, CO WILL
HAVE NO
DEBT

Source text for Eikon:  ID:nASX2wP0nd 
Further company coverage:  ALG.AX 

 ((Reuters.Briefs@thomsonreuters.com;))