Brightstar Capital Partners Completes Acquisition of PlayAGS for Approximately $1.1 Billion Dollars

Rhea-AI Summary

PlayAGS (NYSE: AGS), a global gaming supplier, has been acquired by Brightstar Capital Partners in a transaction valued at approximately $1.1 billion. Under the agreement, AGS stockholders will receive $12.50 per share in cash, and the company will be delisted from the NYSE to become privately held.

The acquisition follows a period of significant growth for AGS, which has demonstrated strong performance metrics over the past three years including: doubling global slot unit sales to over 6,100 units, growing online real-money gaming content revenue by over 150%, and increasing Table Products revenue by more than 50%. These achievements have contributed to three consecutive years of record revenue performance.

The transaction, initially announced on May 9, 2024, has received all necessary regulatory approvals and stockholder consent. David Lopez will continue as CEO & President of AGS, with the company aiming to accelerate growth and innovation across its slots, table products, and online gaming segments under Brightstar's ownership.

[ "Transaction value of $1.1 billion represents significant deal size", "Strong growth metrics with doubled slot unit sales to 6,100 units", "150% growth in online real-money gaming content revenue", "50% increase in Table Products revenue", "Three consecutive years of record revenue performance", "Strategic partnership aimed at accelerating growth and innovation", "Retention of existing management team for continuity" ]

Positive

• None.

Negative

• Delisting from NYSE reduces public investment accessibility
• Shareholders lose potential upside from future growth as company goes private

Insights

Mergers & Acquisitions Specialist

Brightstar's $1.1B acquisition of PlayAGS represents a 'take-private' transaction that recognizes AGS's strong growth trajectory and product diversification.

Brightstar Capital Partners has completed its previously announced acquisition of PlayAGS (NYSE: AGS) in a transaction valued at approximately $1.1 billion. This all-cash deal at $12.50 per share transforms AGS from a publicly-traded company into a privately-held entity, with the stock being delisted from the NYSE.

This acquisition represents a strategic move by Brightstar to enter the gaming technology sector at a time when AGS is demonstrating impressive growth momentum. The target company has shown remarkable performance metrics over the past three years:

• More than doubled global slot unit sales to over 6,100 units
• Grown online real-money gaming content revenue by 150%
• Increased Table Products revenue by 50%
• Achieved three consecutive years of record revenue

The transaction structure follows a standard "take-private" model, with the buyer paying a premium to acquire all outstanding shares and remove the company from public markets. This approach typically enables more operational flexibility without quarterly reporting pressures and allows for longer-term strategic initiatives.

For AGS, partnering with a private equity firm like Brightstar likely provides access to additional capital for R&D and potential bolt-on acquisitions. The press release indicates Brightstar's intentions to help AGS expand into new markets, suggesting potential geographic or product diversification beyond its current offerings across slots, table games, and online gaming.

This acquisition reflects broader consolidation trends in gaming technology, where firms with diversified product portfolios across both traditional and digital gaming segments become attractive targets. AGS's growth across multiple product categories, particularly its 150% growth in online real-money gaming content, aligns with industry shifts toward digital transformation while maintaining strong performance in traditional gaming equipment.

LAS VEGAS and NEW YORK, June 30, 2025 (GLOBE NEWSWIRE) -- Brightstar Capital Partners (“Brightstar”), a private equity firm focused on investing in business services, industrials, consumer, and government services and technology companies, today announced the closing of its acquisition of PlayAGS, Inc. (NYSE: AGS) (“AGS” or the “Company”), a global full-service gaming supplier of high-performing slot, table, and interactive products. The transaction was first announced on May 9, 2024.

The closing follows approval of the transaction by AGS stockholders and the receipt of all required regulatory approvals. Under the terms of the agreement, AGS stockholders will receive $12.50 per share in cash, valuing the transaction at approximately $1.1 billion. As a result, AGS is now a privately held company, and its common stock will be delisted from the New York Stock Exchange (NYSE).

The acquisition comes amid strong growth momentum for AGS. Over the past three years, the Company has more than doubled its global slot unit sales to over 6,100 units, grown online real-money gaming content revenue by over 150%, and increased Table Products revenue by more than 50%—collectively driving three consecutive years of record revenue performance. Powered by strategic investments in R&D and a deep and diverse suite of high-performing products, AGS has become a comprehensive solutions provider across multiple product categories and has a growing global presence both in land-based and online casinos.

“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,” said David Lopez, CEO & President of AGS. “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.”

“We are thrilled to officially welcome David and the AGS team to Brightstar,” said Andrew Weinberg, Founder, CEO & Co-Chair of Brightstar. “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 served as financial advisor and Cooley LLP served as legal counsel to AGS. Jefferies LLC served as lead financial advisor to Brightstar. Barclays and Citizens JMP Securities also served as financial advisors to Brightstar. Kirkland & Ellis LLP and Brownstein Hyatt Farber Schreck served as legal counsel to Brightstar.

About AGS
AGS is a global gaming company dedicated to delivering a diverse mix of entertaining gaming experiences for every kind of player. With a full-spectrum product portfolio spanning slot machines, table products, card shufflers, and online gaming, AGS has grown into one of the industry’s most comprehensive gaming suppliers. The Company’s customer-centric culture and “innovation with intent” philosophy fuel continuous development of high-performing products designed to drive customer success and player engagement. AGS’ omnichannel strategy – bridging the land-based casino and digital gaming worlds – positions the Company to serve the evolving needs of its casino operator partners around the world. Learn more at www.playags.com.

About Brightstar Capital Partners
Brightstar Capital Partners is a middle market private equity firm with $5bn AUM that is focused on investing in business services, industrials, consumer, and government services and technology companies, where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Since its founding in 2015, Brightstar has accumulated extensive experience partnering with family, founder, or entrepreneur-led businesses. Brightstar employs an operationally intensive “Us & Us” approach that leverages its considerable hands-on operational expertise and deep relationship network to help companies reach their full potential. For more information, please visit www.brightstarcp.com.

AGS Contact
Julia Boguslawski, Chief Marketing Officer
PR@PlayAGS.com

Brightstar Contact
Prosek Partners
Pro-Brightstar@Prosek.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d149144-5cd6-43b5-9318-04863a60cc61

FAQ

What is the acquisition price for PlayAGS (AGS) by Brightstar Capital Partners?

Brightstar Capital Partners is acquiring PlayAGS for $12.50 per share in cash, valuing the transaction at approximately $1.1 billion.

How has PlayAGS (AGS) performed in recent years before the acquisition?

AGS has shown strong growth over the past three years, doubling slot unit sales to 6,100 units, growing online gaming revenue by 150%, and increasing table products revenue by 50%, achieving three consecutive years of record revenue.

Will PlayAGS (AGS) remain publicly traded after the Brightstar acquisition?

No, following the acquisition, AGS will become a privately held company and its common stock will be delisted from the New York Stock Exchange (NYSE).

Who will lead PlayAGS after the Brightstar Capital Partners acquisition?

David Lopez will continue as CEO & President of AGS under Brightstar's ownership.

What are the strategic benefits of Brightstar's acquisition of PlayAGS?

The partnership aims to help AGS expand into new markets, accelerate growth, and enhance innovation across slots, table products, and online gaming segments.