Clairvest Announces Sale of Casino New Brunswick
Toronto, Ontario (May 12, 2015) – Clairvest Group Inc. (TSX: CVG) (“CVG”), together with Clairvest Equity Partners III Limited Partnership (“CEP III”, collectively “Clairvest”), announced today that it has entered into an agreement to realize on its interest in Casino New Brunswick. The proposed transaction is subject to the consent of the New Brunswick Lotteries and Gaming Corporation and requires regulatory approvals.
Should a transaction close on anticipated terms, Clairvest will receive gross proceeds of approximately $55 million. Consistent with its beneficial ownership, Clairvest Group Inc. would realize 25% of this amount, or approximately $14 million, compared to the December 31, 2014 carrying value of $6.4 million.
Details of the proposed transaction are contained in a news release issued today by Great Canadian Gaming Corporation, which is appended to this release.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753