Z Capital Partners Buys Affinity Gaming for $580 Million
New York-based private equity supervisor 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 euro palace casino.
Z Capital Partners is known to end up being the equity that is private unit of alternate investment manager Z Capital Group. Z Capital and its particular affiliates presently possess a 41% stake in Affinity Gaming. After the latest announcement, it’s going to purchase the operator’s staying 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 proposal of $15 per share from Z Capital.
As revealed in yesterday’s statement, Z Capital increased its offer to $17.35 per share euro palace casino no deposit bonus codes 2015 earlier in the day this month. The unique committee fundamentally concluded that a purchase cope with Z Capital was the one that would gain Affinity Gaming and encouraged the Board to accept the proposition.
Commenting on the latest statement, David Reganato, Chairman of Affinity Gaming’s Board and specially appointed committee, stated that the agreement with Z Capital would bring significant value to investors and that it was the effect from the comprehensive consideration of Z Capital’s definitive offer. read more