Fertitta to buy Caesars for $17.6 billion in cash deal

Caesars Entertainment has agreed to be acquired by Fertitta Entertainment in a deal valued at approximately $17.6 billion, a transaction that will take the iconic casino operator private. The definitive agreement, announced on Thursday, will see Caesars shareholders receive $31 in cash per share, a premium of nearly 50 percent over the stock's closing price in late February before takeover rumors began circulating.

The total transaction value includes the assumption of roughly $11.9 billion in existing Caesars debt. The company's board of directors has unanimously approved the merger agreement and is recommending that shareholders vote in favor of the deal. Trading in Caesars stock was temporarily halted ahead of the announcement, with shares rising in premarket activity following the news.

The acquisition is being orchestrated by billionaire Tilman Fertitta, who controls Fertitta Entertainment, an umbrella entity for his holdings which include the Golden Nugget casinos, the Landry's restaurant empire, and the NBA's Houston Rockets. The deal would significantly expand his portfolio into large-scale casino operations, combining Caesars' network of more than 50 properties across...