Harrah's Goes Private After $17.1 Billion Buyout

Harrah's Entertainment Inc. said its $17.1 billion acquisition closed as scheduled on Monday, marking the company's transition to private following the world's largest casino buyout.

Harrah's agreed in December 2006 to be purchased by affiliates of Texas Pacific Group and Apollo Global Management LP, and shareholders approved the deal on April 5, 2007.

Stockholders will receive $90 in cash for each share they own.

The company recently extended the contract of its chairman, president and chief executive, Gary Loveman, and said Loveman was likely to stay in those roles after the buyout was complete.

Loveman is anticipated to receive more than $90 million in stock options and other rights under terms of the deal.

Harrah's shares ceased trading Monday at $89.97. The stock had traded between $78.77 and $89.55 over the past year.

(Copyright 2008 by The Associated Press. All Rights Reserved.)