Casino operator agrees $27.8bn buyout

Packer-backed gambler rises 24% on New York debut

A casino operator has agreed to a $27.8bn (€21bn) buyout only days after receiving a rival offer, resulting in a significant payday for the banks involved.

Harrah's Entertainment last night accepted an all-cash bid from private equity buyers Texas Pacific Group and Apollo Management. The deal includes $10.7bn of debt.

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