Truist Securities downgraded Caesars Entertainment to Hold from Buy, lowering its price target to $31 from $32.
Fertitta Entertainment agreed to acquire Caesars in an all-cash deal valued at $17.6 billion, including debt. Shareholders will receive $31 per share.
The transaction will be financed by Fertitta's equity, assumed debt, and loans from 10 banks. Closing is expected in at least 12 months.
The combined entity will operate 60 casinos, online betting, and over 550 Fertitta outlets, creating a strong competitor to MGM Resorts.
