AGS goes private as $1.1B Brightstar acquisition completed

PlayAGS is now a privately held company following its $1.1 billion acquisition by Brightstar Capital Partners, ending its run as a publicly traded entity on the New York Stock Exchange.

With the transition, AGS plans to expand its product innovation in slots, table games, and digital content under private ownership.

The transaction, first announced on May 9, 2024, closed after AGS stockholders approved the deal and all required regulatory approvals were obtained. Under the agreement, AGS stockholders received $12.50 per share in cash.

Over the past three years, AGS reported growth across its core product lines. Global slot unit sales more than doubled to over 6,100 units. Online real-money gaming content revenue increased by more than 150%, while revenue from table products rose by over 50%. According to the company, these gains contributed to three consecutive years of record revenue.

David Lopez, AGS President and CEO, said: “We’re excited to join forces with Brightstar, a partnership that marks both a pivotal moment and a transformative new chapter in AGS’ growth story.

"With Brightstar as a strategic partner, we believe AGS is in an ideal position to accelerate growth and double down on delivering focused, high-impact innovation across slots, table products, and online gaming. This partnership sharpens our ability to serve casino operators with differentiated content and solutions built to give them a winning edge.”

Brightstar Capital Partners, a private equity firm managing $5 billion in assets, focuses on investing in business services, industrials, consumer, and government services and technology companies.

“We are thrilled to officially welcome David and the AGS team to Brightstar,” said Andrew Weinberg, Brightstar’s founder, CEO, and co-chair. “We believe that AGS’ full-spectrum product offering and customer-centric culture set it apart in a growing industry. Our goal is to help the Company expand into new markets and continue to use technology to create exciting games and products.”

Macquarie Capital acted as financial advisor and Cooley LLP served as legal counsel to AGS. Brightstar’s lead financial advisor was Jefferies LLC, with additional advisory from Barclays and Citizens JMP Securities. Legal counsel for Brightstar included Kirkland & Ellis LLP and Brownstein Hyatt Farber Schreck.