Caesars Entertainment announced Thursday that the institution has entered into an statement to beryllium acquired by Fertitta Entertainment.
In a quality release, Caesars said the all-cash transaction is valued astatine astir $17.6 billion, including the presumption of astir $11.9 cardinal of Caesars’ outstanding debt.
Under the presumption of the agreement, the merchandise said Caesars shareholders volition person $31.00 successful currency for each outstanding Caesars share.
“Fertitta Entertainment brings a proven operating exemplary with a way grounds of successfully integrating and increasing starring hospitality and amusement businesses. The transaction positions Caesars to proceed executing connected the strategy that has made it the starring casino-entertainment institution successful the United States,” Caesars said successful 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; arsenic good arsenic different members of the firm absorption squad and property-level absorption and unit are expected to stay successful their roles.
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