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Penn National secures 2 approvals for $2.8B Pinnacle deal

Penn National Gaming Inc.'s proposed acquisition of Pinnacle Entertainment Inc. took a step forward March 21 as it received approvals from two gaming authorities for the $2.8 billion deal.

The arrangement was approved by the Pennsylvania Gaming Control Board and the West Virginia Lottery Commission.

The proposed deal is expected to close in the second half of 2018, subject to additional regulatory approvals and other conditions.

Penn National CEO Timothy Wilmott said that their transition team is working on a new organizational structure, which will include team members from both companies.

Penn National and Pinnacle will hold special shareholder meetings March 29 to vote on matters related to the acquisition, according to the release.