Z Capital Partners Buys Affinity Gaming for $580 Million
New York-based private equity supervisor Z Capital Partners LLC will purchase Nevada-headquartered casino operator Affinity Gaming for the approximate level of $580 million, the two parties announced in a Tuesday statement.
Z Capital Partners is famous to be the equity that is private division of alternative investment manager Z Capital Group. Z Capital and its particular affiliates presently possess a 41% stake in Affinity lil red slot machine big win Gaming. Following the announcement that is latest, it’ll purchase the operator’s remaining outstanding shares at a price of $17.35 per share. Z Capital said on Tuesday it will pay in cash and that it is given a $465-million debt funding commitment from Citizens Bank, N.A. with the objective.
A special independent directors committee was formed by Affinity Gaming with the purpose of examining the potential transaction as well as bids from other interested parties and to advice the gambling big red slot machine big win operator’s Board of Directors after receiving a non-binding proposal of $15 per share from Z Capital.
As revealed in yesterday’s declaration, Z Capital increased its offer to $17.35 per share earlier in the day this month. The committee that is special figured a purchase deal with Z Capital ended up being the one that would benefit Affinity Gaming and recommended the Board to accept the proposition.
Commenting regarding the announcement that is latest, David Reganato, Chairman of Affinity Gaming’s Board and specifically appointed committee, stated that the contract with Z Capital would bring significant value to investors and it was the result from the comprehensive consideration of Z Capital’s definitive offer. (بیشتر…)