Tilman Fertitta, the Houston billionaire serving as U.S. Ambassador to Italy, has agreed to acquire Caesars Entertainment in an all-cash deal valued at approximately $17.6 billion, plus the assumption of roughly $11.9 billion in Caesars debt.
Under the agreement announced Thursday, Caesars shareholders would receive $31 per share — a 49% premium over the company’s unaffected share price as of Feb. 25 and a 46% premium over its 30-day volume-weighted average price as of the same date.