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CEC

CEC Entertainment

$0.00 /

+ (+0.00%)

, LHC

Leo Holdings

$10.02 /

+ (+0.00%)

07:15
04/08/19
04/08
07:15
04/08/19
07:15

CEC Entertainment, Leo Holdings execute business combination agreement

CEC Entertainment (CEC) and Leo Holdings (LHC) announced that Leo and Queso Holdings, the parent company of CEC, together with Queso's controlling stockholder, an entity owned by funds managed by affiliates of Apollo Global Management (APO), have entered into a definitive business combination agreement. Immediately following the closing of the proposed transaction, Leo intends to change its name to Chuck E. Cheese Brands Inc. The current CEC executive management team will continue to lead the Company, which will trade on the New York Stock Exchange under ticker symbol CEC. This transaction will reintroduce CEC to the equity capital markets as a publicly listed company with an anticipated initial enterprise value of approximately $1.4B or 7.5x the company's estimated 2019 Adjusted EBITDA of approximately $187M. The Apollo funds will not be selling any shares in the transaction and will continue to be CEC's largest shareholder with approximately 51% ownership of the company post-closing. The Boards of Directors of both Leo and Queso have unanimously approved the proposed transaction. Completion of the transaction is subject to Leo shareholder approval and other customary closing conditions. The parties expect that the transaction will close in the second quarter. The transaction will be effected pursuant to the Business Combination Agreement entered into by and among Leo, Queso and Queso's controlling stockholder. Concurrent with the closing of the transaction, Leo will domesticate as a Delaware corporation, following which Queso will merge with and into Leo with the result that CEC will continue as a wholly-owned subsidiary of Leo, which will be renamed Chuck E. Cheese Brands. Concurrent with the consummation of the transaction, additional investors will purchase $100M of common stock of Leo in a private placement. After giving effect to any redemptions by the public shareholders of Leo, the balance of the approximately $200M in cash held in Leo Holdings' trust account, together with the $100M in private placement proceeds, will be used to pay transaction expenses and de-leverage the company's existing capital structure. Existing shareholders including funds managed by Apollo, the current majority owners of CEC, expect to hold an approximately 51% stake in CEC upon completion of the transaction. Tom Leverton, CEO, and Jim Howell, CFO, will continue to lead the company. Lyndon Lea will join the company's Board of Directors as Co-Chairman of the Board with Andrew Jhawar of Apollo.

CEC

CEC Entertainment

$0.00 /

+ (+0.00%)

LHC

Leo Holdings

$10.02 /

+ (+0.00%)

APO

Apollo Global

$28.62 /

+0.17 (+0.60%)

CEC CEC Entertainment
$0.00 /

+ (+0.00%)

LHC Leo Holdings
$10.02 /

+ (+0.00%)

APO Apollo Global
$28.62 /

+0.17 (+0.60%)

01/14/19 JPMorgan
Arconic downgraded to Neutral from Overweight at JPMorgan
11/14/18
On The Fly: Top five analyst downgrades
11/14/18 Morgan Stanley
Morgan Stanley downgrades Apollo Global and Carlyle, favors brokers late cycle
11/14/18 Morgan Stanley
Morgan Stanley upgrades TD Ameritrade, favors brokers late cycle

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