The casino giant Caesars entertainment is to be bought by Fertitta Entertainment, a conglomerate with holdings primarily in the hospitality industry, in a $17.6 billion all-cash deal, including $11.9 billion in Caesars’ debt.
The company announced Thursday that Fertitta will pay Caesars shareholders $31 per share in cash. The deal includes a “go-shop” period through July 11, during which Caesars can review other offers.
A press release by Caesars said that Fertitta Entertainment brings a proven operating model with a track record of successfully integrating and growing leading hospitality and entertainment businesses. It added that the deal positions Caesars to “continue executing on the strategy that has made it the leading casino-entertainment company in the United States.”
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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 and continue to lead the Caesars Entertainment operations at the combined company.
“Together, Caesars and Fertitta Entertainment have a shared commitment to operational excellence, customer service, and disciplined growth, with employees and guests remaining at the heart of the business,” the release said.
The proposed transaction is not subject to a financing condition. The transaction will be financed through a combination of equity contributed by Fertitta Entertainment, assumed Caesars’ debt, and new committed debt financing arranged by a group consisting of 10 banks. It is also subject to the approval of Caesars Entertainment shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
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In addition, the Carano family, owning approximately 5% of the outstanding shares of Caesars Entertainment common stock, has agreed to roll a portion of their equity interests into Fertitta Entertainment. Upon completion of the transaction, shares of Caesars Entertainment common stock will no longer be listed on NASDAQ.
Caesars stock rose 1% on Thursday. According to Yahoo Finance, a tie-up between the two companies will combine 60 casino resorts and gaming facilities, a number of online betting and gaming options, more than 600 Fertitta outlets, and a host of amusement, entertainment, and aquarium assets, according to the announcement.
According to a Bloomberg report, Houston real estate leader Tilman Fertitta has long pursued a merger between Caesars and his own Fertitta Entertainment. If the deal goes through, it would combine Caesars network of casino properties with Fertitta’s Landry’s restaurants and Golden Nugget properties.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source americanbazaaronline.com ’
