Fertitta to acquire Caesars for $5.7B, assuming nearly $12B in debt
AP News • • business
Key Points:
- Fertitta Entertainment is acquiring Caesars Entertainment for $5.7 billion in cash and assuming nearly $12 billion in debt, valuing the deal at approximately $17.6 billion.
- Caesars, known for its iconic Caesars Palace on the Las Vegas Strip since 1966, has roots dating back to the 1930s in Reno, Nevada.
- The agreement allows Caesars to seek competing bids until July 11, providing an opportunity for other offers.
- Caesars investors will receive $31 per share, representing a 49% premium over the share price before merger discussions began in February.
- Caesars' shares have risen nearly 2% before the market opened, following a 15% increase since merger rumors surfaced.