Chuck E. Cheese's Sold for $1.3 Billion

This story was written by Matt Perkins and posted by Ryan O'Connor:

Children's entertainment restaurant chain Chuck E. Cheese's has been bought by private equity firm Apollo Global Management for $1.3 billion, according to CNN Money on Thursday. 

Apollo, which was also a buyer of Hostess Brands last year, has announced it will pay $54 a share in cash for the company CEC Entertainment, according to the report. 

CEC and its franchises operate 577 Chuck E. Cheese's locations in 47 states and in 10 foreign countries. Apollo will pay 11.5 premium from Wednesday's CEC stock close and 25 percent above the closing price on Jan. 7, according to CNN Money.

The restaurant serves pizza, sandwiches and other menu items, as well as games, rides and other forms of child entertainment. CEC reported a drop in revenue in five of the last seven quarters, though shares were up by 33 percent last year, acceding to CNN Money.

Chuck E. Cheese's currently has 12 locations in Massachusetts and New Hampshire: 

• Attleboro
• Burlington
• Danvers
• Everett
• Leominster
• Lowell
• Manchester (NH)
• Methuen
• Natick
• North Dartmouth
• Springfield
• Worcester