Carl Icahn

Carl Icahn's bet on Caesar's just paid off

illustration of a dice with money signs on it instead of dots
Illustration: Sarah Grillo/Axios

Carl Icahn gambled again. And won again, given Monday's news that Eldorado Resorts agreed to buy Caesar's Entertainment for $17.3 billion (including assumed debt), or $12.75 per share in cash and stock.

Why it matters: It creates the largest owner and operator of U.S. casinos, with the combined company to retain the Caesar's brand.

The end of industrial conglomerates

Illustration of measuring tape wrapped around a briefcase
Illustration: Rebecca Zisser/Axios

United Technologies, which announced last week it will split into three separate public companies, is joining the ranks of industrial giants that have decided bigger is not always better.

Between the lines: Industrial conglomerates were formed in the post-WWII era after an antitrust crackdown made it challenging for companies to buy rivals or acquire businesses within their own supply chains. But by the 1990s most began slimming down, and the best-known remaining industrial conglomerates are now determined to shrink (General Electric) or shake off the conglomerate label (3M).