PlayAGS signs definitive agreement to be acquired by equity firm Brightstar in $1.1B deal

Gaming products and services provider PlayAGS announced Thursday that it is being acquired by affiliates of middle-market private equity firm Brightstar Capital Partners in a $1.1 billion deal. The transaction is expected to close in the second half of 2025.

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, a 41% premium over the company’s Wednesday closing stock price. It should be noted that PlayAGS shares, traded on the Nasdaq exchange, climbed 26.6% on heavy trading Thursday.

David Lopez, CEO & President of AGS, said: "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."

"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," he added.

David Lopez

For his part, Andrew Weinberg, Founder & CEO of Brightstar, commented: "We look forward to working with David and the AGS team to capitalize on opportunities by taking a long-term approach to create value. 

"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."

Andrew Weinberg

"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."

AGS is a global company that delivers slot and table products, along with online casino content. The company created the Burning Tiger, Butterfly Rise, and Blissful Fortune slot machine franchises as well as several progressive jackpots on blackjack side bets and card shufflers. The company has more than 800 full-time employees.

Meanwhile, Brightstar has been focused on investing in industrial, manufacturing, and services businesses where the company believes it can drive significant value with respect to the management, operations, and strategic direction of the business.

Macquarie Capital is serving as financial advisor and Cooley LLP is serving as legal counsel to AGS. Jefferies LLC is serving as the lead financial advisor to New York-based Brightstar. Barclays and Citizens JMP Securities are also serving as financial advisors to Brightstar, while Kirkland & Ellis LLP is serving as legal counsel to Brightstar.