New York private equity firm Z Capital has confirmed that it has brought Nevada casino operator Affinity Gaming outright for an all-cash deal of $580 million (£440 million).
At present the private equity firm owns 41% equity in Affinity Gaming, with Z Capital seeking to purchase the outstanding stake at a price of $17.35 per share.
Updating stakeholders, Z Capital governance declared that its all-cash deal had been granted debt financing rights by the Citizens Bank NA.
The outright takeover by Z Capital had been approved by Affinity Gaming’s governance, who presented the offer to company investors stating that the deal proposed significant value with comprehensive valuation of Affinity assets.
Taking on Affinity Gaming as single shareholder, Z Capital will control a US gambling operator with eleven properties, including flagship casino ‘Silver Sevens Hotel Casino Resort in Las Vegas.
Confirming the transaction, James Zenni President of Z Capital commented in a statement
“Affinity brings a compelling offer to consumers by providing high-quality entertainment at affordable prices in attractive markets, and I am confident that Z Capital is uniquely positioned to grow the business for years to come,
“We look forward to leveraging our broad expertise across the hospitality, restaurant, retail and consumer sectors to help Affinity continue to expand, while driving profitability through operating improvements and enhanced efficiencies”.