Pennsylvania Gaming board OKs Harrah's sale to Apollo, TPG affiliates

By Lisa Kerner

Charlotte, N.C., Dec. 18 - The Pennsylvania Gaming Control Board approved the proposed acquisition of Harrah's Entertainment Inc. by affiliates of Apollo Management, LP and TPG Capital, according to a company news release.

The sale has received regulatory approval from several jurisdictions including Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri and New Jersey.

It was previously reported that under the December 2006 merger agreement, Harrah's stockholders will receive $90 per share in the all-cash transaction valued at some $27.8 billion.

Harrah's expects the transaction to close in early 2008.

Las Vegas-based Harrah's provides branded casino entertainment.

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