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Apollo Global to swallow Chuck E Cheese

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Siddharth Cavale, Chris Peters and Sakthi Prasad, Reuters

Apollo Global Management LLC said it will buy CEC Entertainment Inc, the parent of Chuck E Cheese restaurant chain, for about $948 million, adding to a portfolio that includes companies ranging from cruise ship operators to casinos.

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The fund controlled by billionaire Leon Black will pay $54 per share for CEC, a premium of 11.5 percent to the stock's Wednesday closing.

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