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Chuck E. Cheese going for Big Slice of Change

<p>Chuck E. Cheese, the food and entertainment haven for kids, has been struggling fiancially and has agreed to be acquired by a turnaround specialist for nearly $1 billion.</p>
Chuck E. Cheese, the kid-friendly food and amusement chain, has agreed to be sold for nearly $1 billion
Chuck E. Cheese, the kid-friendly food and amusement chain, has agreed to be sold for nearly $1 billionMark Schiefelbein / WireImage file
/ Source: Associated Press

This mouse is worth nearly $1 billion.

The parent company of the kid-friendly Chuck. E. Cheese restaurant chain has agreed to be acquired by an Apollo Global Management affiliate for about $950 million.

The restaurants with the giant, grinning mouse, are known for their games, rides and play areas for children. Robotic characters including the Chuck E. Cheese mouse and others provide musical entertainment. The restaurants offer a variety of food, such as pizza, sandwiches, appetizers, a salad bar and desserts.

Investment firm Apollo will pay $54 per share for CEC Entertainment Inc. That's a 12-percent premium to the company's Wednesday closing price of $48.43. The companies put the deal's value at about $1.3 billion, including debt.

CEC and its franchisees run 577 Chuck. E. Cheese locations in 47 states and 10 foreign countries or territories.