Shareholders of Caesars Entertainment have approved the takeover by Fertitta Entertainment. The deal is valued at $17.6 billion and includes massive debt of nearly $12 billion.
The merger between Caesars Entertainment and Fertitta Entertainment has taken its next step. In a filing with the Securities and Exchange Commission (SEC), Caesars announced that 65.4% of all common shares outstanding as of the record date voted in favour of the deal.
At the special shareholders’ meeting, holders of around 143.3 million common shares were present. That’s about 70.3% of the company’s outstanding shares. Of those, 93% voted in favour. Around 3% were against the merger, and the rest abstained.
Before the deal can go through, various regulators still need to give their approval. Among them is the Federal Trade Commission (FTC). Because of the overlaps between the two companies, several divestitures are expected to be required for the merger to be signed off.
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