Caesars Entertainment Acquired by Fertitta in $5.7B Deal
Caesars Entertainment to Be Acquired by Tilman Fertitta
Caesars Entertainment has agreed to be acquired by billionaire Tilman Fertitta and his firm Fertitta Entertainment for approximately $5.7 billion in cash. Shareholders will receive $31 per share in cash, representing a 49% premium to the company's share price as of February 25.
Deal Details
The total deal value is around $17.6 billion, including $11.9 billion in Caesars' outstanding debt that Fertitta will assume. Fertitta will add Caesars' more than 50 resorts to his portfolio, which includes the Golden Nugget casino chain, Landry's restaurant company, and the Houston Rockets.
The acquisition will be funded through a combination of Fertitta equity, assumed Caesars debt, and debt financing from a group of 10 banks. Caesars' current management team is expected to remain in their roles. The company has a 'go-shop' period until July 11 to solicit alternative proposals.
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