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Ardent Leisure to sell bowling and entertainment division for A$160M

Ardent Leisure Group agreed to sell its bowling and entertainment division for an enterprise value of A$160 million in a deal set to close in the first half of 2018.

The company said that upon the deal's completion, it expects to be in a net cash position with enough capital to advance growth in its Main Event and Theme Parks divisions.

The buyer is The Entertainment and Education Group.

UBS AG's Australia branch and Addisons were Ardent's financial and legal advisers, respectively.