Caesars Entertainment has agreed to be acquired by Fertitta Entertainment in a $17.6 billion all-cash deal that includes assumption of significant debt.

Shareholders will receive $31 per share, and the agreement includes a short window for Caesars to consider other bids.

The combined company would bring together casino resorts, online betting platforms, and Fertitta’s restaurant and hospitality businesses.

Caesars Entertainment’s top executives are expected to stay on and continue running operations within the merged firm, Yahoo Finance has reported.

The deal, long pursued by Fertitta chairman Tilman Fertitta, would create a major diversified gaming and hospitality conglomerate if completed.