Enjoy S.A. Grabs 45 Percent Stake in Baluma for $139.5M
The deal is part of a strategic relationship between Enjoy and Caesars Entertainment
Enjoy S.A. has acquired a 45 percent stake in Baluma S.A. for $139.5 million to form a strategic relationship with Caesars Entertainment Corp. (Nasdaq: CZR) in Latin America.
Baluma is a subsidiary of Caesars that owns and operates the Conrad Punta Del Este Resort and Casino in Punta Del Este, Uraguay. After the transaction is completed, Enjoy will control the Conrad. Caesars will also become a shareholder in Enjoy, with 10 percent of its shares.
Caesars is a diversified casino and entertainment company based in Reno, Nev. Enjoy operates resorts and casinos in Chile. The deal was announced Nov. 12.
Sanjiv Kapur and Nicholas Rodriguez from Jones Day served as U.S. counsel to Enjoy; while Bofill Mir & Alvarez Jana served as lead legal counsel and Chilean legal counsel. Guyer & Regules served as Uruguayan counsel to Enjoy, and Deutsche Bank Securities Inc. served as the company’s financial adviser.