New York Legal news, law news, law firm announcements + research at LAWFUELSkadden is representing Caesars Entertainment, Inc. in its acquisition by Harrah’s Entertainment, Inc. in a transaction that will create the world’s largest gaming concern. The total transaction value, including assumption of Caesars debt, is approximately $9.44 billion. The combined entity will have 56 casinos and annual revenue of approximately $9 billion.
Under the terms of the agreement, Caesars shareholders will receive an aggregate of $1.8 billion in cash and 66.3 million shares of Harrah’s common stock. Subject to proration, Caesars shareholders will be able to elect to receive shares of Harrah’s common stock or cash. The transaction is subject to approval by shareholders and regulators and is expected to close by July 2005.