Apollo, TPG Complete Harrah's Privatization

LAS VEGAS-Harrah’s Entertainment, the world’s largest casino company by revenue, is now a private company. The owner of 39 casinos is now in the hands of private equity firms Apollo Management LP and TPG Capital, whose investors include private and public pension funds, endowments and institutions.

The deal was first announced in December 2006. The transaction required the approval of Harrah’s shareholders and gambling regulators in more than a dozen states and several tribal nations where Harrah’s operates.

Technically Harrah’s merged with Hamlet Merger Inc., a Delaware corporation. Harrah’s outstanding shares and non-voting stock are owned by entities affiliated with Apollo Management, L.P. and TPG Capital LP (together with certain co-investors and members of management) and the voting stock of Harrah’s is owned by Hamlet Holdings LLC, which is controlled by individuals affiliated with Apollo TPG.