15 July 2004 – LAWFUEL – It was announced this morning that Harrah’s Entertainment Inc. has signed a definitive agreement to acquire Caesars Entertainment, Inc. in a cash and stock transaction of approximately $9.44 billion in total value, including assumption of Caesars debt.
Debevoise & Plimpton LLP is representing Deutsche Bank Securities Inc. in its role as financial adviser to Harrah’s in this transaction. The Debevoise team is lead by partner Alan H. Paley and includes partner Andrew L. Bab and associate Justine Kirby.
This is the largest cash and stock transaction in gaming-industry history and the acquisition will solidify Harrah’s position as the pre-eminent distributor of casino entertainment. Founded 66 years ago, Harrah’s Entertainment, Inc. owns or manages through various subsidiaries 28 casinos in the U.S., primarily under the Harrah’s brand name.