Shareholders of New York-listed PlayAGS have voted to approve the company’s acquisition by affiliates of private equity firm Brightstar Capital Partners.

The acquisition was first announced in May and values the company at $1.1 billion.

PlayAGS shareholders will receive $12.50 per share in cash, which represents a 41 per cent premium over the company’s volume-weighted average share price over the last 90 days, and a 40 per cent premium to the closing price on May 8.

Upon completion of the transaction, AGS will become a privately held company and its shares will be delisted.

PlayAGS chief executive David Lopez said of the transaction: “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.”

Shares in PlayAGS Inc. (NYSE:AGS) closed 1.06 per cent higher at $11.45 per share in New York Tuesday.