Aquis reported that it has accepted Iris CC Holdings proposal to acquire 100% of the shares in the Company’s wholly-owned subsidiary, Aquis Canberra for A$63 million.
This supraceeds the agreement Aquis had previously entered into with Capital Leisure & Entertainment, which is owned and controlled by interests associated with the Oscars Group (Oscars).
Aquis intends to terminate the share purchase agreement with Oscars once the Iris purchase price moneys are received. Once the sale to Iris completes, Aquis will be required to pay Oscars a $1.0 million break fee.
Iris has confirmed that all employees of Casino Canberra will continue their employment unaffected by the Transaction.
Allison Gallaugher, CEO of Aquis and Casino Canberra, said: “The revised Transaction represents a considerable value uplift to the company and its shareholders and recognises the continued strong operating performance and potential of the business. I am very excited to work with Iris on the continual improvement of our business.”
Sam Arnaout, Sole Director of Iris, said, “We are excited about the opportunity to acquire Casino Canberra and look forward to working collaboratively with the Aquis team in the future.”