Z Capital Partners Buys Affinity Gaming for $580 Million

New York-based equity that is private Z Capital Partners LLC will purchase Nevada-headquartered casino big red slot wins operator Affinity Gaming for the approximate quantity of $580 million, the two events announced in a Tuesday statement.

Z Capital Partners is known to be the equity that is private unit of alternate investment manager Z Capital Group. Z Capital and its affiliates presently possess a 41% stake in Affinity Gaming. Following the latest statement, it will purchase the operator’s staying outstanding stocks at a high price of $17.35 per share. Z Capital said on Tuesday it can pay in money and it has been issued big red pokie machines a $465-million financial obligation funding commitment from Citizens Bank, N.A. with the aim.

After finding a non-binding proposition of $15 per share from Z Capital, a particular independent directors committee ended up being formed by Affinity Gaming with the reason for examining the potential deal as well as bids from other interested events also 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 concluded that an acquisition cope with Z Capital had been one that would benefit Affinity Gaming and advised the Board to accept the proposition.

Commenting in the announcement that is latest big red slot machine download, 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 effect from the comprehensive consideration of Z Capital’s definitive offer. Continue reading →