Caesars Entertainment, Inc. (Nasdaq: CZR) has announced that it has entered into a definitive agreement to be acquired by Fertitta Entertainment, Inc. in an all-cash transaction valued at approximately US$17.6 billion, including the assumption of approximately US$11.9 billion of Caesars’ outstanding debt. Under the terms of the agreement, Caesars shareholders will receive US$31.00 per share in cash, representing a premium to the company’s unaffected share price. The combination of Caesars and Fertitta Entertainment brings together two iconic and highly complementary platforms to create a dynamic suite of gaming, entertainment, and restaurant brands.
Latham & Watkins LLP advised Caesars Entertainment in the transaction with a corporate M&A team led by Los Angeles partners Steven Stokdyk and Andrew Clark and a finance team led by San Diego partner Sony Ben Moshe, Los Angeles partner Kenneth Askin, and San Diego partner Bryan Monson. The M&A associates included Taylor Ashton, Shayna Servillas, Lauren Richardson, Austin Machado, and Irena Huang. Advice was also provided on capital markets matters by Los Angeles partner Brent Epstein, with associates Samuel Vallejo and Dylan Shamoon; on litigation matters by San Diego partner Colleen Smith, with associates Stephen Nasko and Sadie Kavalier; on tax matters by Los Angeles partner Ana O’Brien, and counsel Eric Song, with associate Arash Lotfi; on executive compensation, employment, and benefits matters by Los Angeles/Orange County partner Michelle Carpenter, and counsels Sara Schlau and Sandhya Chandrasekhar, with associates Tal Simon, Robin Hellebrekers, and Erica Shin; on environmental matters by Los Angeles partner Aron Potash, with associates Brandon Kerns and Ellie Bach; on data privacy and cybersecurity matters by counsel Jennifer Howes, with associates Stuart Cobb, Sarah Zahedi, and Ryleigh Chen; on intellectual property matters by partner Ghaith Mahmood, with associates Susana Santos, Kashira Patterson, and Billy Kosmidis; on labor matters by Chicago counsel Laura Waller, with associates Jenny Bobbitt and Lauren Stark; and on real estate matters by Chicago partner Gary Axelrod, with associate Dominique Gonzales.
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