Harrah's Entertainment, the world's largest casino group, has accepted a US$17bn bid from two private equity firms.
Following two months of negotiations, Apollo Management and Texas Pacific Group will acquire Harrah’s large entertainment and leisure portfolio, which includes the Harrah’s, Caesars and Horseshoe brands - giving it a 350-acre stretch along the Las Vegas Strip.
Harrah’s said the deal was expected to be completed in about a year, but said its special committee would continue to solicit third parties for a possible higher bid for the next 25 days.
