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Las Vegas Homes BlogLas Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Saturday, December 16, 2006Harrah's Entertainment Welcomes Two Equity Firms To The Family
Rumors have been in the pipe that Harrah's Entertainment had intentions of purchasing two equity firms.
Well those rumors have become reality as Harrah's Entertainment announced Tuesday that there had been an agreement reached to acquire two firms. The two firms, Texas Pacific Group and Apollo Management are now part of the Harrah’s family. And what a large family it is. Harrah's Entertainment already boasts the largest casino business around today. The two firms were acquired with an all cash transaction that totaled almost $28 billion. Also acquired was over $10 billion in debt. There will be no complaints from the stockholders; they received $90.00 per share. This is a premium of approximately 36 percent over the closing share price from when the deal was announced.
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