Deal for CEC valued at $1.3 billion.

Apollo Global Management has reached an agreement to acquire CEC Entertainment, owner and operator of the Chuck E. Cheese's restaurants. The deal is valued at $1.3 billion and it assumes the CEC's outstanding debt.

The announcement follows a thorough review of strategic alternatives undertaken by the CEC Board of Directors to maximize shareholder value. The transaction was unanimously approved by the CEC Board, which recommends that CEC shareholders tender their shares in the offer.