Harrah’s Entertainment has entered into a definitive agreement for affiliates of Texas Pacific Group (TPG) and Apollo Management to acquire Harrah’s, in an all-cash transaction valued at approximately US$27.8 billion, including the assumption of approximately US$10.7 billion of debt.
“In Apollo and TPG, we will have owners who share our vision for Harrah’s, are fully supportive of our current strategy and are committed to helping us execute on it. This will be a change in ownership, not a change in direction,” said Gary Loveman, Harrah’s chairman, chief executive officer and president.
Under the merger agreement, Harrah’s may solicit superior proposals from third parties for a period of 25 days. The board of directors of Harrah’s, through its special committee and with assistance of its independent advisors, intends to solicit superior proposals during this period. The transaction is expected to be completed in approximately one year, and is subject to stockholder approval, regulatory approvals, and customary closing conditions.
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