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 operator Affinity Gaming for the approximate quantity of $580 million, the two parties announced in a Tuesday declaration.
Z Capital Partners is known to end up being the personal equity euro palace casino register management division of alternate investment manager Z Capital Group. Z Capital and its own affiliates currently possess a 41% stake in Affinity Gaming. Following announcement that is latest, it will choose the operator’s remaining outstanding shares at a price of $17.35 per share. Z Capital said on Tuesday 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 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 euro palace online casino login 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 committee that is special concluded that an acquisition cope with Z Capital ended up being the one that would gain Affinity Gaming and suggested the Board to approve the proposal.
Commenting on the latest announcement, David Reganato, Chairman of Affinity Gaming’s Board and specifically appointed committee, stated that the agreement with Z Capital would bring significant value to shareholders and that it was the result from a comprehensive consideration of Z Capital’s definitive offer. Continue reading