M&A · Industrials · Hotels & Motels
Fertitta Entertainment to acquire Caesars Entertainment, Inc.
Announced May 28, 2026 · Pending Aug 12, 2026
Deal value$17.60BEV $17.60B
Premium49.0%To unaffected price
EV / Adj. EBITDA5.0x1.5x EV / Revenue
ConsiderationAll cash$31.00 per share
Transaction
- Acquirer
- Fertitta Entertainment
- Target
- Caesars Entertainment, Inc. (CZR)
- Buyer type
- Strategic
- Offer price per share
- $31.00
- Enterprise value
- $17.60B
- Status
- Pending Aug 12, 2026
Deal protections
- Break fee (target pays)
- $200M · 1.1%
- Reverse fee (buyer pays)
- $450M · 2.6%
- Go-shop
- Go-shop
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- Morgan Stanley, Goldman Sachs
- To the target
- PJT Partners
- PJT Partners fee
- $35.0M
Sector context · Industrials
- Comparable deals
- 98 in the prior 24 months
- Premium
- 49.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- 5.0x vs. 11.1x sector median
- Break fee
- 1.1% vs. 2.8% sector median
Timeline
- AnnouncedMay 28, 2026
- Proxy filedAug 12, 2026
- Definitive proxyAug 26, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparables$22.25$33.25
Discounted cash flow$24.75$34.25
Future share price$23.25$33.00
Precedent transactions$23.75$33.75
Sum of the parts$27.00$37.75
Offer $31.00
Implied value per Caesars Entertainment, Inc. share by analysis, from PJT Partners.