Cineplex sells Player One Amusement Group
By Rob Bale
Toronto-based Cineplex has completed the sale of its amusement games division Player One Amusement Group to private equity firm OpenGate Capital. OpenGate acquired all common shares of Player One for a total of $155 million. As part of the transaction, Player One has signed a long-term agreement with Cineplex to continue to supply amusement services in Cineplex theatres and other venues.
“The sale of P1AG represents a meaningful gain for Cineplex and an important step towards accelerating the company's focus on deleveraging and evaluating options to optimize its capital structure,” said Ellis Jacob, president and CEO of Cineplex. “We would like to thank the P1AG management team and all employees across North America for their commitment, dedication and help in expanding and creating more value for Cineplex and our investors.”