Travel & Entertainment M&A » By The Online Investor Staff, updated Fri., Jun. 9, 8:12 AM
Recent mergers and acquisitions in the Travel & Entertainment M&A category.
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Slide #16. Caesars Growth Partners — Bally's Las Vegas, The Cromwell (formerly Bill's Gamblin' Hall & Saloon), The Quad Resort & Casino ("The Quad") and Harrah's New Orleans from Caesars Entertainment Corporation
Acquirer:
Caesars Growth Partners
Acquiree:
Bally's Las Vegas, The Cromwell (formerly Bill's Gamblin' Hall & Saloon), The Quad Resort & Casino ("The Quad") and Harrah's New Orleans from Caesars Entertainment Corporation (NASDAQ:CZR)
Details:
Caesars Acquisition Company (NASDAQ: CACQ) ("CAC") today announced that Caesars Growth Partners, LLC ("Growth Partners") has entered into a definitive agreement to acquire Bally's Las Vegas, The Cromwell (formerly Bill's Gamblin' Hall & Saloon), The Quad Resort & Casino ("The Quad") and Harrah's New Orleans from Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment") for $2.2 billion including assumed debt of $185 million and committed project capital expenditures of $223 million, resulting in cash consideration of approximately $1.8 billion. The transaction has been unanimously recommended by independent special committees of the boards of directors of CAC, the managing member of Growth Partners, and Caesars Entertainment and approved by the boards of both companies. The transaction is expected to close in the second quarter of 2014, subject to certain closing conditions, including the receipt of required regulatory approvals.
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Strong Buy (3.50 out of 4) 57th percentile
(ranked higher than approx. 57% of all stocks covered)
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