Z Capital Partners Buys Affinity Gaming for $580 Million
New York-based equity that is private 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 pokies big red statement.
Z Capital Partners is known to be the 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’ll buy the operator’s staying outstanding shares at a price of $17.35 per share. Z Capital said on Tuesday it will pay in cash and it happens to be granted a $465-million financial obligation funding commitment from Citizens Bank, N.A. with the aim.
A special independent directors committee was formed by Affinity big red pokies 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 declaration, Z Capital increased its offer to $17.35 per share previously this thirty days. The committee that big red pokie machine win is special figured a purchase deal with Z Capital had been one that would gain Affinity Gaming and advised the Board to approve the proposal.
Commenting regarding the announcement that is latest, David Reganato, Chairman of Affinity Gaming’s Board and specifically appointed committee, said that the agreement with Z Capital would bring significant value to shareholders and that it was the end result from the comprehensive consideration of Z Capital’s definitive offer. 继续阅读