December 20, 2006 |
The newest players in Las Vegas plunked down $17.1 billion on the Strip on Tuesday, as two private equity firms agreed to buy Harrah's Entertainment Inc., the world's largest casino company. In Las Vegas, the new owners will acquire Harrah's holdings, which include Harrah's, Barbary Coast Hotel and Casino, Bally's, Flamingo, Paris and Imperial Palace -- giving it a 350-acre stretch along the Strip.
December 19, 2006 |
Harrah's Entertainment Inc., the world's largest casino company, has agreed to a $16.7-billion offer from two private equity firms, two people with knowledge of the negotiations said. The agreement with Apollo Management and Texas Pacific Group came late last week but lawyers for both sides have been working out the details, said the sources, who spoke on condition of anonymity because of the sensitivity of the talks.
December 18, 2006 |
Private equity firms Apollo Management and Texas Pacific Group were near a deal Sunday to buy Harrah's Entertainment Inc., with an announcement possible today, sources familiar with the situation said. The Wall Street Journal reported on its website that the offer would be worth at least $90 a share, or $16.7 billion, based on 186 million shares outstanding. Such a deal would be expected to make the acquisition one of the 10 largest corporate buyouts by private equity firms this year.
December 14, 2006 |
Qantas Airways Ltd. has agreed to a sweetened $8.7-billion buyout offer led by Macquarie Bank Ltd. and private equity firm Texas Pacific Group, sources said today. The offer of 5.60 Australian dollars a share, 10% above Qantas' last trade, was unanimously endorsed by the Qantas board after the bidders dropped their demand for a breakup fee, sources close to the transaction said. The board had rejected an offer of 5.50 Australian dollars on Wednesday.
December 13, 2006 |
Sabre Holdings Corp., parent of the online travel-booking service Travelocity.com and a leading distributor of airline reservations, said Tuesday that it was being acquired by private equity groups for about $4.5 billion. Consumers should not be affected by the change in ownership, analysts said. Silver Lake Partners and Texas Pacific Group would pay $32.75 a share in cash for the company, which connects airline, hotel and car-rental inventories with travel agents.
November 16, 2006 |
Texas Pacific Group has withdrawn from the bidding for radio broadcaster Clear Channel Communications Inc. in an auction that may fetch about $18 billion, two people briefed on the firm's decision said Wednesday. The withdrawal left Bain Capital and Thomas H. Lee Partners to submit an offer together before Tuesday's deadline for bids, said the people, who declined to be identified. Blackstone Group, Kohlberg Kravis Roberts & Co. and Providence Equity Partners Inc.