VICI Properties Inc. acquired Land and real estate assets of 38 Bowling Entertainment Centers from Bowlero Corp. for approximately $430 million.
October 18, 2023
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VICI Properties Inc. (NYSE:VICI) acquired Land and real estate assets of 38 Bowling Entertainment Centers from Bowlero Corp. for approximately $430 million on October 19, 2023. The aggregate purchase price was $432.9 million. The transaction was funded through cash on hand, partial settlement of outstanding forward equity sale agreements, and a combination of units in a newly formed VICI subsidiary issued to Bowlero. Acquired Bowlero Portfolio Revenue for the fidcal year ended July 2, 2023 is $105.7 million and a Net Income of $30.2 million. Proceeds are expected to be used to accelerate new builds, deploy capital into acquisitions and conversions, return capital to shareholders, pay down a portion of Bowlero?s debt, and for general corporate purposes. The transaction is expected to provide immediate accretion to AFFO per share. Wells Fargo acted as exclusive financial advisor and Jones Day served as legal advisor to Bowlero on the transaction. J.P. Morgan acted as exclusive financial advisor and Hogan Lovells US LLP and Kramer Levin Naftalis & Frankel LLP served as legal advisors to VICI Properties on the transaction.
VICI Properties Inc. (NYSE:VICI) completed the acquisition of Land and real estate assets of 38 Bowling Entertainment Centers from Bowlero Corp. on October 19, 2023.
Bowlero Corp. is an operator of bowling entertainment centers. The Company operates traditional bowling centers and more upscale entertainment concepts with lounge seating, arcades, enhanced food, and beverage offerings. The Company also provides customer service for individuals and group events, as well as hosting and overseeing professional and non-professional bowling tournaments and related broadcasting. The Company serves through various brand, such as Bowlero, Bowlmor Lanes, and AMF. The Bowlero branded centers offer an upscale entertainment concept with lounge seating, enhanced food and beverage offerings, and customer service for individual and group events. The AMF centers are traditional bowling centers in an updated format. The Company operates approximately 345 bowling centers across North America in United States, Mexico and Canada. The Company's subsidiary is AMF Bowling Centers, Inc.