India, March 15 -- Houston billionaire Tilman Fertitta has entered exclusive negotiations to acquire Caesars Entertainment in a deal valued at about $6.5 billion, a move that could reshape the landscape of the US casino industry and ignite a high-stakes battle with activist investor Carl Icahn for control of one of the country's largest gambling empires.

The proposed acquisition values Caesars at roughly $32 per share, with the total enterprise value of the transaction climbing to around $31.5 billion when the company's substantial debt is included. According to a Reuters report on Fertitta Entertainment in talks to buy Caesars for $6.5 billion, negotiations are taking place during a 45-day exclusivity window between the parties.

The di...