Z Capital proposes full acquisition of Affinity Gaming

Z Capital Partners has submitted a bid to acquire 100% of the shareholding in Affinity Gaming.

In a filing with the US Securities and Exchange Commission, the firm put forward an offer of $15 (€13.40) per share in cash, valuing Affinity at over $560 million.

Z Capital Partners, the private equity management division of Z Capital Group, already holds 41.14% of the shares in Affinity.

James Zenni, president and chief executive of Z Capital, and Andrei Scrivens, a managing director at the firm, have also served on the Affinity board since 2014.

“The all-cash offer we are proposing provides Affinity’s shareholders with a compelling opportunity to realise substantial and immediate value,” Zenni said.

“We have always believed that Affinity Gaming needs a singular voice and direction with a long-term capital partner to position it for future growth.

“With committed financing in place, we are excited to pursue the closing of this acquisition and look forward to working with the respective state gaming regulators for a swift approval to ensure a seamless transition for employees, guests and business partners.”

Z Capital said the bid remains subject to negotiation, execution and various other terms and does not constitute a binding offer.

Should an agreement not be reached by August 12, the bid will automatically expire.

Related article: Affinity Gaming reveals ongoing growth as income climbs