US buyout firm Apollo to buy ClubCorp for $1.1 billion

Markets Associated Press

Apollo Global Management has agreed to purchase ClubCorp, which owns more than 200 golf and country clubs, for $1.1 billion.

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Apollo, a private equity firm, said Sunday that it would pay $17.12 per share in cash, a 30.7-percent premium over the company's closing share price Friday.

Dallas-based ClubCorp was founded in 1957 and operates in 28 states, Washington, D.C., China and Mexico. It also owns sports and business clubs, with a combined total of 430,000 members.

The deal is expected to close by the final three months of the year. The company also declared it would pay a special dividend of 13 cents a share to shareholders on July 28.