Report: Harrah's sale imminent

The Wall Street Journal reported Sunday that two private equity firms have offered $16.7B for the casino giant; deal announcement could come Monday.


NEW YORK (CNNMONEY.COM) -- Two leading private-equity firms are on the verge of buying casino giant Harrah's Entertainment in what would be one of the largest private-equity deals in history, the Wall Street Journal reported Sunday.

Citing two sources familiar with the negotiations, the Journal said Apollo Management and Texas Pacific Group have offered at least $90 a share, or $16.7 billion. While details of the deal were still being worked out, the paper said an announcement could come as early as Monday.

Harrah's (Charts), the world's largest gaming company, has been on the block for at least three months. As of Friday, shareholders had been expecting a price below $90 a share, the Journal said. Penn National, a smaller casino company, had offered $87 per share.

If the deal goes through, Harrah's management is expected to stay on and to continue with its current strategy. Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.