Caesars Entertainment to be acquired by Fertitta Entertainment
Published in Entertainment News
Caesars Entertainment announced Thursday that the company has entered into an agreement to be acquired by Fertitta Entertainment.
In a news release, Caesars said the all-cash transaction is valued at approximately $17.6 billion, including the assumption of approximately $11.9 billion of Caesars’ outstanding debt.
Under the terms of the agreement, the release said Caesars shareholders will receive $31.00 in cash for each outstanding Caesars share.
“Fertitta Entertainment brings a proven operating model with a track record of successfully integrating and growing leading hospitality and entertainment businesses. The transaction positions Caesars to continue executing on the strategy that has made it the leading casino-entertainment company in the United States,” Caesars said in the release.
According to the company, Caesars Entertainment Chief Executive Officer, Tom Reeg; Chief Financial Officer, Bret Yunker; President and Chief Operating Officer, Anthony Carano; as well as other members of the corporate management team and property-level management and personnel are expected to remain in their roles.
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