Z Capital acquire casino operator Affinity

Casino Review, Affinity, Z Capital
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Z Capital Partners and Affinity Gaming announced on 24 August that affiliates of Z Capital have entered into a definitive agreement with Affinity to acquire the company in an all-cash transaction.

 

[dropcap]T[/dropcap]he deal values Affinity at approximately $580m (€514m), meaning that Z Capital and its affiliates, which currently own 41 percent of Affinity’s outstanding shares, will purchase Affinity’s remaining outstanding shares for $17.35 (€15.37) per share in cash. Z Capital has received a debt financing commitment in the amount of $465m (€500m) from Citizens Bank, N.A.

 

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.

 

James Zenni, president and chief executive officer of Z Capital and a member of the Affinity board of directors, said: “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.”

 

The agreement is set to be finalised in the first quarter of 2017, subject to approval by Affinity shareholders and regulatory bodies.

 

As of 22 August, shareholders representing 69 percent of Affinity’s outstanding shares have entered into voting agreements in support of the deal.

 

Founded in 2010 and headquartered in Las Vegas, Nevada, Affinity currently has 11 locations in key markets across Nevada, Colorado, Missouri and Iowa.


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