ClubCorp Sells After All: For $1.1 Billion To Apollo Global

Reuters' Greg Roumeliotis reports that the publicly-traded company owning 206 clubs and serving over 400,000 members, including at Mission Hills and Firestone, has sold to Apollo Global Management.

It's an all-cash, $1.1 billion deal netting shareholders $17.12 a share, a 31% premium over Friday's closing price.'s business writer Paul O'Donnell noted this:

Sunday's announcement comes about three months after ClubCorp's board said it would not seek a sale. Longtime CEO Eric Affeldt announced at the same time that he would be retiring. A month later, the company added two new directors at the behest of activist investor FrontFour Capital Group LLC, which had been critical of ClubCorp's management.