Two investment companies, fortress investment group and centerbridge partners, have agreed to pay 8-point-9 billion dollars for Penn National, which includes the assumption of almost 3-billion dollars in debt.
The all cash deal values Penn National at 67 dollars a share, which is about 30-percent above Thursday’s closing price. The deal is expected to be completed in 12 to 16 months.
Penn National Spokesman Eric Schippers says this deal in no way affects the Hollywood Slots project in Bangor, which is scheduled for completion next June.
He says it’s business as usual and the company’s plans for maine remain the same.
Schippers says the company’s senior management will stay in place and there will be no impact on Penn National’s employees in Maine.
George Hale, the Chair of the Maine Harness Racing Commission, says the state isn’t involved with the buyout. However, the new owners will be subject to the same regulatory approval process Penn National went through to be licensed in Maine, including background checks.