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.
This is a developing story. Check back for updates.
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