Caesars Entertainment Corporation (NASDAQ: CZR) has entered into a definitive agreement to acquire Centaur Holdings, LLC (Centaur Gaming) from Clairvest Group Inc. (TSX: CVG) and West Face Capital Inc. for US $1.7 billion in cash, including US $1.625 billion at closing and US $75 million in deferred consideration.
Centaur Gaming is the owner and operator of the Hoosier Park Racing and Casino based in Anderson, Indiana, and the Indiana Grand Racing and Casino based in Shelbyville, Indiana.
Clairvest Group, Clairvest Equity Partners IV and funds advised by West Face initially invested jointly in Centaur Gaming in 2010 through the purchase of debt securities in Hoosier Park’s parent corporation at the time. The company was restructured and West Face and Clairvest and their affiliates had a controlling interest in the company. Centaur Gaming later acquire Indiana Grand.
The transaction is subject to receipt of regulatory approvals and other customary closing conditions and is expected to close in the first half of 2018.
photo credit: Centaur Gaming