PlayAGS Goes Private in Historic $1.1 Billion Cash Acquisition with Brightstar Capital Partners

 Las Vegas, NV – May 11, 2024 – PlayAGS, Inc. (NYSE: AGS), a leading designer and supplier of electronic gaming machines and other gaming products, announced today that it has entered into a definitive agreement to be acquired by Brightstar Capital Partners, a private equity firm focused on partnering with exceptional management teams.

Under the terms of the agreement, Brightstar Capital Partners will acquire all outstanding shares of PlayAGS for $1.1 billion in cash. The transaction represents a significant premium to PlayAGS' shareholders, providing immediate and certain value.

David Lopez, President, and Chief Executive Officer of PlayAGS, expressed enthusiasm about the acquisition, stating, "We are excited to partner with Brightstar Capital Partners as we continue to execute on our strategic initiatives and drive growth for our business. This transaction provides substantial value to our shareholders and positions PlayAGS for continued success in the future."

Andrew Weinberg, Founder and Chief Executive Officer of Brightstar Capital Partners, commented, "We are thrilled to invest in PlayAGS, a leading provider of gaming solutions with a strong track record of innovation and growth. We believe that PlayAGS is well-positioned to capitalize on the expanding opportunities in the gaming industry, and we look forward to working closely with the management team to support the company's continued development and expansion."

The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the second half of 2024. Upon completion of the transaction, PlayAGS will become a privately held company.

PlayAGS was advised by Morgan Stanley & Co. LLC as financial advisor and Latham & Watkins LLP as legal advisor. Brightstar Capital Partners was advised by UBS Investment Bank as financial advisor and Kirkland & Ellis LLP as legal advisor.

This acquisition represents a significant opportunity for investors engaged in merger arbitrage and M&A arbitrage strategies, with potential for value creation through the integration of PlayAGS' expertise and Brightstar Capital Partners' strategic vision.

About PlayAGS, Inc.

PlayAGS, Inc. is a leading designer and supplier of electronic gaming machines and other gaming products. The company's mission is to deliver entertaining experiences through its high-quality products, innovative technology, and exceptional customer service. PlayAGS is headquartered in Las Vegas, Nevada, with offices and operations across the United States and internationally.

 

About Brightstar Capital Partners

Brightstar Capital Partners is a private equity firm focused on partnering with exceptional management teams to help businesses reach their full potential. The firm invests in closely held middle-market companies across a range of industries, including business services, industrials, and consumer. Brightstar Capital Partners is headquartered in New York City, New York.

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