Texas Pacific Group (TPG) and Apollo Management plan to purchase Harrah’s Entertainment for $27.8 billion.
The all-cash transaction is expected to close by the end of next year, with Harrah’s officials saying the deal will benefit the casino giant.
"In Apollo and TPG we will have owners who share our vision for Harrah's, are fully supportive of our current strategy and are committed to helping us execute on it. This will be a change in ownership, not a change in direction," said Gary Loveman, Harrah's chairman, CEO and president. "Harrah's management team and its 85,000 talented employees look forward to working with Apollo and TPG as the company moves into the next phase of its growth and development."
Harrah’s Entertainment touts itself as the largest provider of casinos in the world, primarily operating Caesars-, Horseshoe- and Harrah’s-branded properties.
