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AGS Enters Into Definitive Agreement To Be Acquired By Brightstar Capital Partners for Approximately $1.1 Billion
![AGS Enters Into Definitive Agreement To Be Acquired By Brightstar Capital Partners](https://gamingamericas.com/wp-content/uploads/2024/05/ags-X-bx.png)
PlayAGS, Incorporated, a global gaming supplier of high-performing slot, table, and interactive products, today announced that it has signed a definitive agreement to be acquired by affiliates of Brightstar Capital Partners (“Brightstar”), 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 for every kind of player. Powered by high-performing slot products, an expansive table products portfolio, and highly rated online casino content, the Company believes it offers an unmatched value proposition for its casino partners.
“We are very pleased to reach this agreement, which we believe provides our stockholders with compelling, certain cash value. Joining forces with Brightstar represents an exciting new chapter for AGS and our mission to provide exceptional gaming solutions for our operator partners,” said David Lopez, CEO & President of AGS. “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 & 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.
First Quarter 2024 Financial Results
In light of the proposed transaction, AGS has canceled its previously announced conference call to discuss its first quarter 2024 financial results, which had been scheduled for Thursday, May 9, 2024, at 5:00 p.m. EDT. Additionally, AGS will not be issuing a quarterly earnings release. The Company expects to file its 10-Q for the quarter ended March 31, 2024 with the SEC later today.
Timing and Approvals
The proposed transaction, which is expected to close in the second half of 2025 is subject to customary closing conditions, including the receipt of regulatory approvals and approval by a majority of AGS stockholders. 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.
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Aviatrix celebrates São João festival in Brazil and beyond with new game splash
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The multi-award-winning crash game Aviatrix is celebrating the most anticipated party in all of Brazil with a new game splash to mark the São João festival.
The festival, which commemorates John the Baptist, is an important occasion across Brazil as well as other countries, celebrated vibrantly with music, forró dancing, bonfires and more.
And now Aviatrix players can also join the action. First, they’ll notice a new icon representing São João, and then they are greeted with a dedicated splash screen as the game loads that captures the magic of the festa.
Gabriela Novello, Head of Business Development LATAM at Aviatrix, said: “Our clients speak, and we listen. That’s why we have created this localized content, our new splash screen is all about bringing a little bit of the Festa Junina to Aviatrix players. This is an important cultural moment when the whole of Brazil comes together and celebrates, we want players to feel that excitement. Team Aviatrix will certainly be enjoying it.”
An important feature of Aviatrix is that the game can be seamlessly localized, both to specific countries and regions or around major events, including holidays and big sports tournaments, meaning the game always feels timely and relevant to players.
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Bragg Gaming Expands in Pennsylvania with BetMGM
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Bragg Gaming Group has announced the launch of its newest games and Remote Game Server (RGS) technology with BetMGM in Pennsylvania.
This marks the third state in which Bragg content is live with BetMGM, following earlier launches including in Michigan in 2022 and New Jersey in 2023 respectively. BetMGM players in Pennsylvania can now enjoy popular titles such as “Egyptian Magic” and “Fairy Dust” from Bragg’s Atomic Slot Lab proprietary content studio with further titles set to follow.
Players will soon gain access to content from Bragg’s Las Vegas-based proprietary content studio Wild Streak Gaming, as well as titles from multiple exclusive content partners under the Powered By Bragg program including King Show Games and Sega Sammy Creation.
This expansion underscores Bragg’s commitment to delivering innovative and engaging content to players across North America. All online casino games delivered on Bragg’s new RGS technology come with the Company’s Fuze promotional tools, which offer player engagement features on games such as free rounds, tournaments, and quests.
H2 Gambling Capital projects Gross Win of over $2.5 billion for the regulated online casino market in Pennsylvania in 2024, illustrating the tremendous growth potential in the region.
Garrick Morris, Senior Vice President, Commercial for the US and Canada, at Bragg Gaming Group commented: “We’re delighted to strengthen our existing collaboration with BetMGM to a third U.S. state, as part of our ongoing drive to provide the highest quality content to players in the U.S. iGaming market.
In developing high-quality engaging content, we want to contribute to the long-term success of our partners, and importantly provide a gaming experience which is exceptional for players.”
Oliver Bartlett, Vice President, Gaming, Product & Casino at BetMGM commented: “Bragg has been a great partner for BetMGM in Michigan and New Jersey, and it’s exciting to now be able to expand that relationship to Pennsylvania.
We’re confident that players in Pennsylvania will embrace this new online casino content which has proven to be popular in other regulated markets, with players already familiar with these titles from the land-based sector.”
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Duetto and SHR Announces Strategic Partnership
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Duetto, a global leader in revenue management solutions, and SHR (an Access company), a leading provider of innovative and intelligent technology solutions for hotels and resorts, announced a strategic partnership designed to revolutionize the casino resort industry. Using Duetto’s Dynamic Rate Engine (DRE), SHR Group will enable its casino customers to deliver real-time personalized pricing online to maximize revenue, as well as increase occupancy and guest satisfaction.
The newly certified SHR<>DRE API connection returns real-time rates and restrictions on the customer level, offering loyalty program members special rates and comp rooms based on their lifetime value. This collaboration enhances the experience for players and streamlines operations for casino resorts.
“Duetto’s dynamic pricing model delivers real-time, value-driven promotions that evolve based on player activity and worth. Now, thanks to our integration with SHR, these players can be rewarded instantly and can book their discounted or comp rooms easily online, encouraging them to stay more often,” said John Lingos-Webb, Senior Director of Global Partnerships, Duetto.
“SHR’s award-winning booking engine now integrates real-time RMS lookups via Duetto’s Rate Engine API. This collaboration with Duetto expands SHR’s existing casino functionality and provides our customers with a wider range of tools to offer personalized rates and comp rooms to their loyalty guests,” said Dan Edmonds, VP Casino Strategy & Solutions, SHR Group.
With Duetto’s Open Pricing and dynamic discounting based on customers’ total worth, casinos can strategically determine which guests get a comped room or a discounted cash rate during high-demand versus low-demand periods, without the risk of over-investing and eroding the bottom line.
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