Z Capital Partners agreed to pay .35 per share to buy Las Vegas-based Affinity Gaming.
The all-cash deal values publicly traded Affinity Gaming at about $580 million, and Citizens Bank agreed to finance $465 million of the selling price.
Z Capital currently owns about 41 percent of Affinity Gaming shares
“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,” Z Capital President and CEO James Zenni said in a release.
Zenni said the deal enables Affinity Gaming to continue growing, while Z Capital provides support via its experience across the hospitality, retail, restaurant, and consumer sectors.
Affinity was founded in 2010 in Las Vegas and provides “accessible, value-oriented casino entertainment in a welcoming and casual atmosphere” at its 11 gaming locations in Nevada, Colorado, Missouri, and Iowa.
The deal is subject to approval by Affinity shareholders, and is to be consummated early next year. Thus far, about 69 percent of Affinity’s shareholders have expressed support for the deal.
Affinity owns the Silver Sevens on Paradise Road in Las Vegas, and the Primm Valley Resort, Whiskey Pete’s, and Buffalo Bill’s in Primm.
Affinity also owns the Rail City Casino in Sparks, plus three casinos in Colorado, two more in Missouri, and one in Iowa.
Z Capital initially offered $15 per share, but an ad hoc committee created by Affinity got the selling price up to $17.35.
