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 level of $580 million, the two parties announced in a Tuesday declaration.
Z Capital Partners is known to be the personal equity administration unit of alternate investment manager Z Capital Group. Z Capital as well as its affiliates currently possess a 41% stake in Affinity Gaming. After the announcement that is latest, it’s going to choose the operator’s remaining outstanding stocks at a cost of $17.35 per share. Z Capital said on Tuesday so it can pay in cash and it has been given a $465-million financial obligation funding commitment from Citizens Bank euro palace online casino download, 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 declaration, Z Capital increased its offer to $17.35 per share earlier in the day this thirty days. The unique committee eventually figured a purchase cope with Z Capital had been one that would benefit Affinity Gaming and advised the Board to accept the proposition.
Commenting in the announcement that is latest, David Reganato, Chairman of Affinity Gaming’s Board and specially appointed committee, said that the contract with Z Capital would bring significant value euro palace casino reviews to investors and that it was the result from euro palace online casino 600 â‚¬ gratis a comprehensive consideration of Z Capital’s definitive offer.