With Apollo Global Management having just closed on the sale of its 22 percent stake in supplier PlayAGS, the company announced the resignations from the AGS board of the two Apollo representatives.
Apollo Partner and Co-Head of Private Equity David Sambur, who served as AGS chairman, and Apollo Partner Daniel Cohen have left the board, which was not a surprise in the wake of the stock sale. Apollo originally owned AGS, and retained 22 percent of the company after its 2018 public offering.
Apollo’s 8.2 million shares of AGS were sold for $41 million last week, according to an SEC filing cited by the Nevada Independent.
“We believe Apollo’s exit could open up additional markets for AGS, as gaming licensing requirements in certain states likely proved too extensive for Apollo to go through given a planned eventual exit,” Stifel Financial gaming analyst Jeffrey Stantial told investors in the research note.