Z Capital Partners Buys Affinity Gaming for $580 Million
New York-based private equity manager Z Capital Partners LLC will buy Nevada-headquartered casino operator Affinity Gaming for the approximate number of $580 million, the two parties announced in a Tuesday statement.
Z Capital Partners is known to function as equity that is private division of alternate investment manager Z Capital Group. Z Capital and its particular affiliates presently have a 41% stake in Affinity Gaming. After the announcement that is latest, it will buy the operator’s staying outstanding stocks at a price of $17.35 per share. Z Capital said on Tuesday it has been euro palace casino live chat granted a $465-million debt financing commitment from Citizens Bank, N.A. for the purpose that it will pay in cash and.
After getting a non-binding proposal of $15 per share from Z Capital, a special separate directors committee ended up being created by Affinity Gaming utilizing the purpose of examining the prospective transaction in addition to bids from other interested euro palace casino test parties and to guidance the gambling operator’s Board of Directors.
As revealed in yesterday’s statement, Z Capital increased its offer to $17.35 per share earlier this thirty days. The committee that is special figured an acquisition deal with Z Capital had been the one that would gain Affinity Gaming and advised the Board to accept the proposition.
Commenting in the announcement that is latest, David Reganato, Chairman of Affinity Gaming’s Board and specially appointed committee, said that the agreement with Z Capital would bring significant value to shareholders and it was the end result from a comprehensive consideration of Z Capital’s definitive offer. (more…)