Caesars has agreed to be taken private by Fertitta Entertainment, owned by billionaire Tilman Fertitta, in a $17.6 billion all-cash deal.
The offer is $31 per share, which is almost 50 percent more than the stock price before rumors started flying. Fertitta will take on nearly $12 billion of Caesars’ existing debt, financed with a little help from ten different banks.
The combined company would run 60 casinos and gaming spots, at least until regulators step in. According to Legal Sports Report, past mergers have forced companies like Caesars to shed properties to avoid cornering local markets. For example, both Caesars and Fertitta already operate casinos in places like Atlantic City and Las Vegas.
