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Actionable news in MYCC: CLUBCORP HOLDINGS Inc,

Buyout firm Apollo to buy golf course operator ClubCorp for $1.1 billion

Private equity firm Apollo Global Management said on Sunday it had agreed to acquire ClubCorp Holdings, one of the largest owners and operators of private golf and country clubs in the United States, for $1.1 billion.

The deal comes three months after ClubCorp announced the retirement of is CEO Eric Affeldt and said it had decided not to pursue a "strategic transaction," after efforts to explore a sale did not result in any offer for the entire company.

However, the Dallas-based company had kept the strategic review committee of its board of directors in place, and had yet to announce Affeldt's successor. It has struggled to turn a profit, as its strategy of boosting its golf club memberships through...


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