Affinity Gaming stockholders confirm acquisition of company

(PRESS RELEASE) -- Affinity Gaming, a diversified casino gaming operator and Z Capital Partners, L.L.C., the private equity management arm of Z Capital Group, L.L.C., a leading global alternative investment manager focused on opportunistic, value-oriented private equity and credit funds, today announced that the transactions contemplated by the 22 August 2016 merger agreement between Affinity and certain affiliates of Z Capital were approved today at a special meeting of the stockholders of Affinity. Affinity stockholders also approved, on an advisory basis, the merger-related executive compensation for Affinity's named executive officers.

At the special meeting of Affinity stockholders, approximately 100% of the votes were cast in favor of the proposal to approve the merger (representing in excess of approximately 89% of the outstanding shares of Affinity entitled to vote on the proposal), the merger agreement, and the principal terms thereof, and approximately 99.92% of the votes were cast to approve, on an advisory basis, the merger-related executive compensation for Affinity's named executive officers.

Under the terms of the merger agreement, affiliates of Z Capital, which currently own approximately 41% of Affinity's outstanding shares, will purchase all of Affinity's remaining outstanding shares for $17.35 per share in cash.

The transaction is expected to close in the first quarter of 2017, subject to regulatory approvals, including by gaming regulators in the four states in which Affinity is licensed, and other customary closing conditions.