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 amount of $580 million, the two events announced in a Tuesday statement.
Z Capital Partners is famous to end up being the equity that is private division of alternate euro palace casino android investment manager Z Capital Group. Z Capital and its own affiliates currently possess a 41% stake in Affinity Gaming. Following a latest announcement, it’ll purchase the operator’s remaining outstanding shares at a cost of $17.35 per share. Z Capital said on Tuesday it can pay in money and that it happens to be awarded a $465-million financial obligation funding dedication from people Bank, N.A. for the purpose.
After receiving a non-binding proposal of $15 per share from Z Capital, a unique euro palace casino app independent directors committee ended up being formed by Affinity Gaming using the intent behind examining the prospective transaction as well as bids off their interested events and to guidance the gambling operator’s Board of Directors.
As revealed in yesterday’s declaration, Z Capital increased its offer to $17.35 per share earlier this thirty days. The committee that is special figured an acquisition cope with Z Capital ended up being the one that would gain Affinity Gaming and suggested the Board to approve the proposition.
Commenting regarding the announcement that is latest, David Reganato, Chairman of Affinity Gaming’s Board and specifically appointed committee, said that the contract with Z Capital would bring significant value to shareholders and it was the effect from a comprehensive consideration of Z Capital’s definitive offer.