Z Capital Partners Buys Affinity euro palace casino signup bonus Gaming for $580 Million
New York-based private equity manager Z Capital Partners LLC will buy Nevada-headquartered casino operator Affinity Gaming for the approximate quantity of $580 million, the two parties announced in a Tuesday statement.
Z Capital Partners is known to end up being the personal equity management division of alternate investment manager Z Capital Group. Z Capital as well as its affiliates currently possess a 41% stake in Affinity Gaming. Following a latest announcement, it’s going to choose the operator’s staying outstanding shares at a high price of $17.35 per share. Z Capital said on Tuesday so 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 declaration, Z Capital increased its offer to $17.35 per share earlier in the day this month. The committee that is special concluded that a purchase cope with Z Capital had been one which would benefit Affinity Gaming and suggested the Board to accept euro palace casino seriÃ¶s the proposition.
Commenting in 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 shareholders and that it was the result from a comprehensive consideration of Z Capital’s definitive offer.