PNG gets cleared to complete Pinnacle’s acquisition

Penn National Gaming has been authorised by the MGC to complete the pending acquisition of Pinnacle Entertainment.

US.- The Missouri Gaming Commission (MGC) has given the green light for Penn National Gaming to complete its pending acquisition of Pinnacle Entertainment. It’s the 12th regulatory body that has approved the deal and that’s why it will soon be completed after the announcement of PNG acquiring US$2.8 billion plus stock (will own around 78% of the company), made back in December.

“Reflecting the progress we have made to date with securing regulatory approvals, and the timeline we have established for the remaining requisite approvals, we remain on schedule to complete the transaction early in the fourth quarter,” Timothy J. Wilmott, CEO of Penn National, said.

Both companies’ shareholders are eager for the deal to be finally completed as they had already made clear by voting in favour of the merger with a 99% approval. Shareholders are also happy about the deal being completed since it’s expected to generate US$100 million in annual cost synergies during the 12 months after being completed, in addition to the creation of a complementary portfolio of properties.

The deal still needs further regulatory approval but it’s getting closer to it. Once it’s been approved, PNG will operate 41 properties in its portfolio, including 8,300 hotel rooms, over 53,000 slots and 1,300 table games.