TSX-Listed Take-Private
Public-to-Private Gaming Company Liquidity Event
Engineered a public-to-private liquidity event for a TSX-listed gaming company, leveraging embedded real estate assets to establish a valuation floor and protect shareholder value during a compressed regulatory timeline.
Situation
A TSX-listed gaming company was trading at a persistent discount to intrinsic value, with its embedded real estate assets entirely unrecognized by the public market. The board and major shareholders sought a path to full value realization that would protect minority shareholders while navigating Canadian securities regulations and multi-jurisdictional closing mechanics.
Approach
Metro Equity Capital structured the take-private to highlight the embedded real estate as a hard-asset floor, providing deal certainty and protecting against downside in the negotiation. A fairness framework was developed in coordination with Canadian securities counsel to satisfy regulatory requirements. The transaction was run as a controlled auction among a targeted set of private equity and real estate-oriented buyers capable of underwriting the multi-asset structure.
Outcome
The transaction closed at $80M — a meaningful premium to the 30-day VWAP at announcement. The take-private successfully unlocked the real estate value that public markets had discounted, delivering full liquidity to all shareholder classes. The multi-jurisdictional closing was executed on schedule without regulatory delay.
Deal Details
- Transaction Value
- $80M
- Exchange
- Toronto Stock Exchange (TSX)
- Structure
- Take-Private / Going-Private Transaction
- Key Value Driver
- Embedded real estate assets
- Jurisdictions
- Canada / United States
- Sector
- Gaming & Hospitality
Transaction facilitated by Metro Equity Capital. Securities offered through GT Securities, Inc., member FINRA/SIPC. Past performance is no guarantee of future results.