Penn National Gaming will be closing the deal to acquire Pinnacle Entertainment for $2.8 billion by “mid-October,” after the last of numerous regulators approved the merger, according to a press release.
The casino operator said it had obtained approval from the Nevada Gaming Commission and Nevada Gaming Control Board, after having gotten permission from 13 other states to proceed with the acquisition. The Federal Trade Commission (FTC) approved the deal earlier this week.
Penn CEO Timothy Wilmott said, “We are grateful to the Nevada Gaming Commission and Nevada Gaming Control Board for their thorough and diligent review of the applications and filings related to our pending transaction with Pinnacle Entertainment. With these approvals in hand, we look forward to the upcoming closing of the transaction in mid-October and officially welcoming Pinnacle Entertainment’s team members to the Penn National family.”
The deal provides for Pinnacle shareholders to receive $20 per share in cash and 0.420 shares of Penn National per Pinnacle share. In a March 29 vote, 99% of shareholders of Penn and Pinnacle expressed their approval of the merger.