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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 level 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 alternate investment manager Z Capital Group. Z Capital and its affiliates currently possess a 41% stake in Affinity Gaming. Following latest announcement, it’s going to buy the operator’s staying outstanding shares at a high price of $17.35 per share. Z Capital said on Tuesday it will euro palace casino android pay in money and so it has been given a $465-million debt financing commitment from Citizens Bank, N.A. with the objective.
After finding a non-binding proposition of $15 per share from Z Capital, a unique independent directors committee was created by Affinity Gaming with all the reason for euro palace online casino download examining the possible transaction as well as bids from other interested parties and to guidance 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 concluded that a purchase deal with Z Capital had been the one that would gain Affinity Gaming and suggested the Board to approve the proposition.
Commenting in the latest announcement, David Reganato, Chairman of Affinity Gaming’s Board and specially appointed committee, stated that the contract with Z Capital would bring significant value to shareholders and that it was the effect from the comprehensive consideration of Z Capital’s definitive offer.