Gaming and Leisure Properties Inc. (GLPI) has announced an agreement to acquire all of the real estate assets of Pinnacle Entertainment in a $4.75b all-stock deal.

Under the deal, which was approved by both companies’ boards of directors, Pinnacle’s operating business and the real property of Belterra Park Gaming & Entertainment will be spun off into a separately traded public company (OpCo) and the real estate assets held by the remaining company (PropCo) will be acquired by GLPI.

Pinnacle shareholders will receive 0.85 shares of Gaming and Leisure stock per Pinnacle share for PropCo and one share of OpCo common stock for each share of Pinnacle they own.

The deal gives GLPI a total of 35 casino properties and hotel facilities in 14 states.