Casino and entertainment company Caesars Entertainment Corp plans to purchase affiliate Caesars Acquisition Co in an all-stock deal, the Wall Street Journal reported, citing people familiar with the matter. The deal is expected to be announced as soon as Monday and would better position Caesars Entertainment to restructure the $18.4 billion debt load of its largest unit - Caesars Entertainment Operating Co (CEOC), the newspaper said. (on.wsj.com/1x1LqIC)Based on Friday's closing share price, Caesars Acquisition is valued at $1.29 billion.Representatives at Caesars Entertainment and Caesars Acquisition could not immediately be reached for comment outside regular U.S. business hours.On Friday, CEOC said it would file for Chapter 11 bankruptcy protection by mid-January to cut its mounting debt.
Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR traded higher by 2.43% or $0.32/share to $13.49. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1686720 shares of CZR exchange hands on a given day and today's volume is recorded at 2660558.
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