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 number of $580 million, the two events announced 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 as well as its affiliates presently possess a 41% stake in Affinity Gaming. Following latest announcement, it will choose the operator’s staying outstanding stocks at a cost of $17.35 per euro palace mobile casino share. Z Capital said on Tuesday so it can pay in money and it was granted a $465-million financial obligation financing commitment from people Bank, N.A. for the purpose.
After receiving a non-binding proposal of $15 per share from Z Capital, a special separate directors committee ended up being formed by Affinity Gaming using the purpose of examining the possible deal as well as bids from other interested events and also to advice the gambling operator’s Board of Directors.
As revealed in yesterday’s statement, Z Capital increased its offer to $17.35 per share previously this month. The committee that is special figured an acquisition deal with Z Capital was one which would benefit Affinity Gaming and encouraged the Board to accept the proposal.
Commenting in the latest statement, David Reganato, Chairman of Affinity Gaming’s Board and particularly appointed committee, said that the agreement with Z Capital would bring euro palace casino germany significant value to shareholders and it was the end result from the comprehensive consideration of Z Capital’s definitive offer.