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 events announced in a Tuesday declaration.
Z Capital Partners is famous to function as the personal equity administration unit of alternative investment manager Z Capital Group. Z Capital and its particular euro palace casino free spins affiliates currently own a 41% stake in Affinity Gaming. Following 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 cash and that it was granted a $465-million financial obligation funding commitment from people Bank, N.A. for the purpose.
After finding a non-binding proposition of $15 per share from Z Capital, a special independent directors committee ended up being formed by Affinity Gaming using the reason for examining the possible transaction in addition to bids off their interested events also to advice the gambling operator’s Board of Directors.
As revealed in yesterday’s statement, Z Capital increased its offer to $17.35 per share previously win palace euro casino this month. The committee that is special concluded that an acquisition cope with Z Capital had been the one that would gain Affinity Gaming and recommended the Board to accept the proposition.
Commenting on the announcement that is latest, David Reganato, Chairman of Affinity Gaming’s Board and especially appointed committee, said that the agreement with Z Capital would bring significant value to investors and it was the result from a comprehensive consideration of Z Capital’s definitive offer.Continue reading