TPG, Apollo Cash Out At Caesars As Icahn Boosts Ownership Stake

Private equity giants TPG Capital and Apollo Global Management have sold their remaining shares in Caesars Entertainment, more than a decade after their $27.8bn deal to acquire the casino company.

The two private equity firms bought Harrah’s Entertainment in December 2006 in a deal that also included the assumption of $10.7bn in debt. Apollo and TPG completed the acquisition in January 2008, funded by about $6bn in cash and $22bn in debt.

Their exit from Caesars comes at a time when activist investor Carl Icahn has increased his ownership stake in the company.

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