Z Capital Partners Buys Affinity Gaming for $580 Million
New York-based private equity supervisor Z Capital Partners LLC will buy Nevada-headquartered casino operator Affinity Gaming for the approximate amount of $580 million, the two parties announced in a Tuesday declaration.
Z Capital Partners is famous to be the equity that is private unit of alternate investment manager Z Capital big red free slot Group. Z Capital and its particular affiliates presently own a 41% stake in Affinity Gaming. Following a announcement that is latest, it’s going to purchase the operator’s remaining outstanding stocks at a cost of $17.35 per share. Z Capital said on Tuesday so it has been granted a $465-million debt financing commitment from Citizens Bank, N.A. for the purpose that it will pay big red pokie machine rules in cash and.
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 operator’s Board of Directors after receiving a non-binding proposal of $15 per share from Z Capital.
As revealed in yesterday’s statement, Z Capital increased its offer to $17.35 per share early in the day this month. The unique committee sooner or later concluded that an acquisition handle Z Capital was one which would benefit Affinity Gaming and encouraged the Board to accept the proposal.
Commenting on the latest statement, David Reganato, Chairman of Affinity Gaming’s Board and particularly appointed committee, said that the agreement with Z Capital would bring significant value to investors and that it was the end result from the comprehensive consideration of Z Capital’s definitive offer. Continue reading