PlayAGS Stockholders Approve Acquisition By Brightstar Capital Partners
PlayAGS, Inc. (NYSE: AGS), a leading supplier of gaming products, announced that its stockholders have approved the acquisition by Brightstar Capital Partners at a special meeting held on August 6, 2024. The transaction is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions. Upon completion, AGS will become a privately held company, and its common stock will be delisted from public markets.
AGS is known for its diverse mix of gaming experiences, including high-performing slot products, table games, and online casino content. Brightstar Capital Partners, the acquirer, is a middle market private equity firm focused on industrial, manufacturing, and services businesses.
PlayAGS, Inc. (NYSE: AGS), un fornitore leader di prodotti per il gioco, ha annunciato che i suoi azionisti hanno approvato l'acquisizione da parte di Brightstar Capital Partners in un incontro straordinario tenutosi il 6 agosto 2024. Si prevede che la transazione si concluderà nella seconda metà del 2025, soggetta ad approvazioni normative e condizioni di chiusura consuete. Al termine, AGS diventerà una società privata e il suo titolo sarà rimosso dai mercati pubblici.
AGS è conosciuta per la sua ampia gamma di esperienze di gioco, tra cui prodotti per slot ad alte prestazioni, giochi da tavolo e contenuti di casinò online. Brightstar Capital Partners, l'acquirente, è una società di private equity di mercato medio focalizzata su industrie, produzione e imprese dei servizi.
PlayAGS, Inc. (NYSE: AGS), un proveedor líder de productos de juegos, anunció que sus accionistas han aprobado la adquisición por parte de Brightstar Capital Partners en una reunión especial celebrada el 6 de agosto de 2024. Se espera que la transacción se cierre en la segunda mitad de 2025, sujeta a aprobaciones regulatorias y condiciones de cierre habituales. Al finalizar, AGS se convertirá en una empresa privada y sus acciones comunes serán retiradas de los mercados públicos.
AGS es conocida por su diversa mezcla de experiencias de juego, incluyendo productos de tragamonedas de alto rendimiento, juegos de mesa y contenido de casinos en línea. Brightstar Capital Partners, el adquirente, es una firma de capital privado de mercado medio enfocada en negocios industriales, de manufactura y de servicios.
PlayAGS, Inc. (NYSE: AGS), 게임 제품의 선도적인 공급업체는 주주들이 Brightstar Capital Partners의 인수안을 승인했다고 발표했습니다. 이는 2024년 8월 6일에 열린 특별 회의에서 이루어졌습니다. 이 거래는 2025년 하반기에 마감될 것으로 예상되며, 규제 기관의 승인 및 일반적인 마감 조건에 따라 달라집니다. 완료되면 AGS는 비상장 기업이 되고 그 보통주는 공공 시장에서 상장 폐지됩니다.
AGS는 고성능 슬롯 제품, 테이블 게임 및 온라인 카지노 콘텐츠를 포함한 다양한 게임 경험으로 유명합니다. 인수자는 중견 시장에 주력하는 사모펀드 회사인 Brightstar Capital Partners입니다.
PlayAGS, Inc. (NYSE: AGS), un fournisseur leader de produits de jeux, a annoncé que ses actionnaires ont approuvé l'acquisition par Brightstar Capital Partners lors d'une réunion spéciale tenue le 6 août 2024. La transaction devrait être finalisée au second semestre 2025, sous réserve des approbations réglementaires et des conditions de clôture habituelles. Une fois complétée, AGS deviendra une entreprise privée et ses actions ordinaires seront retirées des marchés publics.
AGS est connue pour sa gamme diversifiée d'expériences de jeu, y compris des produits de machines à sous performants, des jeux de table et du contenu de casino en ligne. Brightstar Capital Partners, l'acquéreur, est une société de capital-investissement du marché intermédiaire axée sur les entreprises industrielles, de fabrication et de services.
PlayAGS, Inc. (NYSE: AGS), ein führender Anbieter von Gaming-Produkten, kündigte an, dass seine Aktionäre die Übernahme durch Brightstar Capital Partners genehmigt haben, bei einer außerordentlichen Sitzung am 6. August 2024. Es wird erwartet, dass die Transaktion in der zweiten Hälfte des Jahres 2025 abgeschlossen wird, vorbehaltlich behördlicher Genehmigungen und üblicher Abschlussbedingungen. Nach Abschluss wird AGS zu einem Privatunternehmen und die Stammaktien werden von den öffentlichen Märkten abgezogen.
AGS ist bekannt für sein vielfältiges Angebot an Spielerlebnissen, darunter leistungsstarke Spielautomaten, Tischspiele und Online-Casino-Inhalte. Brightstar Capital Partners, der Käufer, ist eine Private-Equity-Firma der Mittelstands, die sich auf Industrie-, Fertigungs- und Dienstleistungsunternehmen konzentriert.
- Stockholder approval for the acquisition secured
- Potential for enhanced growth and value creation as a private company
- Access to Brightstar's operational expertise and resources
- Delisting from public markets, reducing liquidity for current shareholders
- Lengthy closing timeline (expected in second half of 2025)
- Uncertainty regarding regulatory approvals
Insights
The stockholder approval of PlayAGS's acquisition by Brightstar Capital Partners marks a significant milestone in the company's trajectory. This move to go private could potentially allow for more strategic flexibility and long-term planning without the pressures of quarterly reporting. However, the extended timeline for closing (second half of 2025) introduces uncertainty and potential risks.
Investors should note that while private equity acquisitions often aim to streamline operations and boost profitability, they can also lead to increased debt loads. The lack of specific financial terms in this announcement is a notable omission, leaving questions about the deal's valuation and potential premium for shareholders.
The gaming supplier industry is highly competitive and this move could potentially strengthen AGS's position. However, the regulatory approval process in the gaming sector can be complex and time-consuming, which explains the lengthy closing timeline but also adds an element of uncertainty to the deal's completion.
This acquisition reflects a broader trend of consolidation in the gaming industry, particularly as private equity firms seek opportunities in the sector. The move to take AGS private suggests Brightstar sees untapped potential in the company's diverse product portfolio spanning slots, table games and interactive content.
The timing is interesting, considering the post-pandemic recovery of the gaming industry. Private ownership could allow AGS to make more aggressive investments in technology and product development, potentially accelerating its market share growth. However, it's important to monitor how this might affect AGS's relationships with casino operators and its competitive positioning against publicly traded peers.
The long closing timeline (
LAS VEGAS, Aug. 06, 2024 (GLOBE NEWSWIRE) -- PlayAGS, Inc. (NYSE: AGS) (“AGS” or the “Company”), a supplier of high-performing slot, table, and interactive products to the global gaming industry, today announced that, at a special meeting of its stockholders held on August 6, 2024 (“the Special Meeting”), AGS stockholders voted to approve the Company’s acquisition by affiliates of Brightstar Capital Partners.
The final voting results of the Special Meeting will be reported on a Form 8-K filed by AGS with the U.S. Securities and Exchange Commission.
The transaction is expected to close in the second half of 2025 and is subject to customary closing conditions, including the receipt of regulatory approvals. Upon completion of the transaction, AGS will become a privately held company and shares of AGS common stock will no longer be listed on any public market.
About AGS
AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Its customer-centric culture and remarkable growth have helped it become one of the most all-inclusive commercial gaming suppliers in the world. Powered by high-performing slot products, an expansive table products portfolio, highly rated online casino content for players and operators, and differentiated service, the Company believes it offers an unmatched value proposition for its casino partners. Learn more at www.playags.com.
About Brightstar Capital Partners
Brightstar Capital Partners is a middle market private equity firm focused on investing in industrial, manufacturing, and services businesses where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Brightstar employs an operationally intensive “Us & Us” approach that leverages its extensive experience and relationship network to help companies reach their full potential. For more information, please visit www.brightstarcp.com.
AGS Contact
Julia Boguslawski, Chief Marketing Officer
jboguslawski@PlayAGS.com
Brad Boyer, Senior Vice President of Investor Relations & Corporate Operations
Investors@PlayAGS.com
Brightstar Contact
Craig Thomas, Chief Marketing Officer
cthomas@brightstarcp.com
Forward-Looking Statements
This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements which include, but are not limited to, all statements that do not relate solely to historical or current facts, such as statements regarding the Company’s expectations, intentions or strategies regarding the timing, completion and effects of the proposed transaction. In some cases, these statements include words like: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” and “ongoing,” or the negatives of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The Company’s expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including, but not limited to, risks and uncertainties related to: the ability of the parties to consummate the proposed transaction in a timely manner or at all; the satisfaction (or waiver) of closing conditions to the consummation of the proposed transaction, including potential delays in consummating the proposed transaction; the ability of the Company to timely and successfully achieve the anticipated benefits of the proposed transaction; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the definitive agreement; the effect of the announcement or pendency of the proposed transaction on the Company’s business relationships, operating results and business generally; costs related to the proposed transaction; the outcome of any legal proceedings that may be instituted against the Company, Brightstar or any of their respective directors or officers related to the definitive agreement or the proposed transaction; and the impact of these costs and other liabilities on the cash, property, and other assets available for distribution to the Company’s stockholders. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in the Company’s most annual and quarterly reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on the Company’s web page at https://investors.playags.com/financial-information/sec-filings.
The forward-looking statements included in this press release, and in any oral statements made from time to time by our representatives, are made only as of the date hereof or thereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bdaa2fd1-f19d-4b44-8b5e-4b1dd17c91f8
FAQ
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