Caesars Entertainment's stock rose less than 2% in pre-market trading following the announcement that the casino operator will be acquired by a company controlled by Tilman Fertitta in a deal valued at $17.6 billion.

The transaction, which includes the assumption of approximately $11.9 billion in debt, has been in development for some time. The offer of about $31 per share represents a 50% premium over the stock's closing price before initial reports of a deal emerged in February.

Fertitta Entertainment, which already operates the Golden Nugget Hotel and Casino, will gain control of one of the most valuable casino operators on the Las Vegas Strip, along with over 50 casinos across North America.