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 parties announced euro palace casino reviews in a Tuesday statement.
Z Capital Partners is famous to be the equity that is private unit of alternative investment manager Z Capital Group. Z Capital and its particular affiliates currently own a 41% stake in Affinity Gaming. Following a latest statement, it will purchase the operator’s remaining outstanding shares at a high price of $17.35 per share. Z Capital said on Tuesday it will probably pay in cash and that it has been given a $465-million debt financing commitment from people Bank, N.A. with the aim.
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 proposal of $15 per share from Z Capital.
As revealed in yesterday’s statement, Z Capital increased its offer to $17.35 per share early in the day this thirty days. The special committee eventually concluded that an acquisition deal with Z Capital ended up being the one that would gain Affinity Gaming and encouraged the Board euro palace casino login to approve the proposition.
Commenting on the announcement that is latest, David Reganato, Chairman of Affinity Gaming’s Board and specially appointed committee, said that the agreement with Z Capital would bring significant value to investors and it was the result from the comprehensive consideration of Z Capital’s definitive offer.Read More