Chuck E Cheese To Be Acquired By Apollo Global For About $1 Bln : FT

(RTTNews) - Chuck E Cheese (CEC) will be acquired by Private equity firm Apollo Global Management LLC (APO) in a deal valued at about $1 billion, the Financial Times reported on Thursday.

Apollo, the fund controlled by billionaire Leon Black, will pay $54 per share for Chuck E Cheese. The deal will be announced on Thursday morning, according report citing people familiar with the matter.

The price paid by Apollo represents an 11.5 per cent premium to the restaurant group's Wednesday closing price of $48.43.

Apollo has hired Deutsche Bank to manage the acquisition, the report said.