LAS VEGAS, NV – AGS has signed a definitive agreement to be acquired by affiliates of Brightstar Capital Partners, a middle market private equity firm focused on investing in industrial, manufacturing, and services businesses. The company’s Board of Directors has unanimously approved, and recommended that the company’s stockholders approve the agreement. AGS shareholders will receive $12.50 per share in cash. The per share purchase price represents a 41% premium to the company’s volume-weighted average share price over the last 90 days and a 40% premium to AGS’ closing price on May 8, 2024.
AGS is a global company focused on creating a diverse mix of entertaining gaming experiences through its slot products, an expansive table products portfolio and online casino content.
“We are very pleased to reach this agreement, which we believe provides our stockholders with compelling, certain cash value,” said David Lopez, CEO and President of AGS. “Joining forces with Brightstar represents an exciting new chapter for AGS and our mission to provide exceptional gaming solutions for our operator partners. With Brightstar’s resources and strategic guidance, we believe AGS will be well-positioned to make targeted investments in R&D, top talent, operations, and industry-leading innovation, which should accelerate our global footprint.”
“We look forward to working with David and the AGS team to capitalize on opportunities by taking a long-term approach to creating value,” said Andrew Weinberg, Founder and CEO of Brightstar. “AGS has a strong pipeline of new products, and we believe the company’s innovative approach to game development provides significant potential for continued growth.”
“We have been impressed by AGS’ award-winning products, differentiated culture, and outstanding reputation in this expanding industry,” said Roger Bulloch, Partner at Brightstar. “We trust that partnering with AGS and executing on our shared vision can accelerate the company’s ability to create even greater value for its customers and players around the world.”
Macquarie Capital is serving as financial advisor and Cooley LLP is serving as legal counsel to AGS. Jefferies LLC is serving as lead financial advisor to Brightstar. Barclays and Citizens JMP Securities are also serving as financial advisors to Brightstar. Kirkland & Ellis LLP is serving as legal counsel to Brightstar.