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 big red pokie machine software Gaming for the approximate number of $580 million, the two events announced in a Tuesday declaration.
Z Capital Partners is known to function as private equity management division of alternative investment manager Z Capital Group. Z Capital and its own affiliates currently own a 41% stake in Affinity Gaming. Following a latest statement, it will choose the operator's remaining outstanding stocks at a cost of $17.35 per share. Z Capital said on Tuesday that it has been granted a $465-million debt financing commitment from Citizens Bank, N.A. for the purpose that it will pay in cash and.
A special independent free pokies aristocrat big red 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 earlier this month. The unique committee eventually concluded that a purchase deal with Z Capital was the one that would gain Affinity Gaming and encouraged the Board to approve the proposition big red slot machine.
Commenting regarding the announcement that is latest, David Reganato, Chairman of Affinity Gaming's Board and particularly appointed committee, stated that the contract with Z Capital would bring significant value to investors and that it was the result from the comprehensive consideration of Z Capital's definitive offer.Saiba Mais