Sale to TPG and Apollo Management
On January 28, 2008, following receipt of all required regulatory approvals, the parties completed the $27.8 billion sale of Harrah's Entertainment Inc. to private equity firms TPG and Apollo Management. Our attorneys represented the nine-person special committee of the Harrah's board of directors which negotiated the merger agreement which provides for former Harrah's stockholders to receive $90 per share in cash. The purchase price reflects a total equity value of approximately $17.1 billion, plus the assumption and incurrence of $10.7 billion in debt. Harrah's is the world's largest casino company by revenue, operating 50 casinos worldwide under the Harrah's, Caesars and Horseshoe brand names, among others.