from yesterday's GlobeSt (1/28):
UPDATE Last updated: January 28, 2008 07:01pm
Apollo, TPG Complete Harrah’s Privatization
By Brian K. Miller
"LAS VEGAS-Harrah’s Entertainment, the world’s largest casino company by revenue, is now a private company. The owner of 39 casinos is now in the hands of private equity firms Apollo Management LP and TPG Capital, whose investors include private and public pension funds, endowments and institutions." ...
"Per the merger agreement signed Dec. 19, 2006, TPG and Apollo affiliates have agreed to acquire Harrah’s in an all-cash transaction valued on that date at approximately $27.8 billion. The figure includes $90 in cash for each outstanding share of Harrah’s common stock and the assumption of $10.7 billion of debt. The result of the deal will be a near doubling of Harrah's debt load, which will require it to focus on paying down that debt rather than reinvesting in growth, according to related documents filed with the Securities and Exchange Commission." ...
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