CECEntertainment Inc., operator of 577 Chuck E. Cheese restaurants, agreed to a takeover by an affiliate of Apollo Global Management LLC in a transaction valued at $1.3 billion, including debt.

Apollo will pay $54 a share in an all-cash deal, Irving, Texas-basedCECsaid today in a statement. That’s 25 percent more than the closing share price on Jan. 7, before media reports of the transaction, the companies said. The offer is also 36 percent more than the 12-month volume weighted average of the stock’s price as of Jan. 7, they said.

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