M&A · Industrials · Miscellaneous Manufacturing Industries
Brightstar Capital Partners to acquire PlayAGS, Inc.
Announced May 9, 2024 · Closed Jun 30, 2025
Deal value$1.10BEV $1.10B
Premium40.0%To unaffected price
EV / Adj. EBITDA7.1x3.0x EV / Revenue
ConsiderationAll cash$12.50 per share
Transaction
- Acquirer
- Brightstar Capital Partners
- Target
- PlayAGS, Inc. (AGS)
- Buyer type
- Private equity
- Offer price per share
- $12.50
- Enterprise value
- $1.10B
- Status
- Closed Jun 30, 2025
Deal protections
- Break fee (target pays)
- $19.3M · 1.8%
- Reverse fee (buyer pays)
- $38.6M · 3.5%
- Go-shop
- Go-shop
- Financing
- Committed · Jefferies, Barclays, Santander
Advisors
- To the acquirer
- Jefferies, Barclays, Citizens
- To the target
- Macquarie
- Macquarie fee
- $10.6M
Sector context · Industrials
- Comparable deals
- 81 in the prior 24 months
- Premium
- 40.0% vs. 38.0% sector median
- EV / Adj. EBITDA
- 7.1x vs. 11.4x sector median
- Break fee
- 1.8% vs. 2.8% sector median
Timeline
- AnnouncedMay 9, 2024
- Proxy filedJun 11, 2024
- Definitive proxyJul 1, 2024
- Shareholder voteAug 6, 2024
- ClosedJun 30, 2025
Valuation · fairness opinions
Trading comparables$4.77$8.61
Trading comparables$8.32$12.20
Precedent transactions$9.52$13.11
Discounted cash flow$11.76$16.88
Offer $12.50
Implied value per PlayAGS, Inc. share by analysis, from Macquarie.