Apollo Management and TPG in $27.8 Billion Acquisition of Harrah’s Entertainment

January 28, 2008

Cleary Gottlieb represented an investment consortium consisting of Apollo Management and Texas Pacific Group (TPG) in its approximately $27.8 billion leveraged buyout of Harrah’s Entertainment, the world’s largest gambling operator by revenue. Harrah’s agreed to be acquired by Apollo and TPG for $90 per share in an all-cash deal, which included the assumption of $10.7 billion in debt. The acquisition was announced on December 19 and closed on January 28, 2008.

Apollo is a recognized leader in private equity, debt and capital markets investing.  Long-time Cleary Gottlieb client TPG is a private investment partnership that currently has more than $30 billion of assets under management.