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Eldorado Resorts announced that they've come to a purchase agreement with Caesars Entertainment and will buy the latter for $17.3 billion in cash and stock shares.
The agreement will form the largest gambling company in the world and will generate a new entity with 60 different gaming resorts spread across 16 states. The purchase will see Eldorado paying $8.40 in cash per share and issue 0.0899 shares of Eldorado stock for each Caesars share, valued at $12.75 per share. The new company will be based out of Reno, Nevada, but will maintain a heavy presence in Las Vegas.
Eldorado will own 51% of the new company with Caesars owning 49%. The Caesars' board of directors unanimously approved to the purchase but will be subject to approval by shareholders, the FTC, and regulators in the various states where the companies have properties. It's expected that the purchase will be complete in the first half of next year.
We're following this story and will update readers as we learn more.