Apollo to buy golf course operator ClubCorp for $1.1b
Apollo Global Management has acquired ClubCorp Holdings, one of the largest owners and operators of private golf and country clubs in the United States, for $1.1 billion.
Dallas-based ClubCorp was founded in 1957 and operates in 28 states, Washington, D.C., China and Mexico. It also owns sports and business clubs, with a combined total of 430,000 members.
The deal is expected to close in the fourth quarter of this year. After the deal is completed, ClubCorp shares will be delisted from the New York Stock Exchange.
ClubCorp had plans to sell its business due to increased debt and lack of membership growth, according to media outlets.
According to USA Today, ClubCorp missed its 2016 revenue and earnings guidance, driving investors to dump shares. The stock has fallen about 2 percent in the past 12 months, and is down 7 percent so far in 2017