Plainridge Park Casino file photo

Plainridge Park Casino in Plainville.

Paul Connors / The Sun Chronicle///

PLAINVILLE — The owner of Plainridge Park Casino has agreed to acquire a gambling industry competitor for $2.8 billion in stock and cash.

Penn National Gaming will buy Pinnacle Entertainment and its 16 casinos, extending its reach across the United States and Canada.

Pinnacle stock holders will receive $20 and 0.42 shares of Penn National stock for each share of Pinnacle stock.

“The combined company will benefit from enhanced scale, additional growth opportunities and best in class operations, creating a more efficient, integrated gaming company,” Penn National Chief Executive Officer President Timothy Wilmot said.

Jim Hand may be reached at 508-236-0399 or jhand@thesunchronicle.com. You can follow him on Twitter at @TSCpolitics.

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