Crown Resort sell all of its shares to The Blackstone Group

Crown Resort sell all of its shares to The Blackstone Group

Australian casino giant Crown Resorts has agreed to the sale of all of its shares to US-based private equity giant The Blackstone Group for AU$8.9 billion (US$6.5 billion).

Details of the deal were announced by Crown, with the company confirming it has entered into a scheme implementation deed that will see Blackstone pay a price of AU$13.10 cash per share.

Crown noted that the total sale price also represents an increase in equity value of more than AU$845 million (US$603 million) to the price of AU$11.85 per share initially offered by Blackstone in March 2021.

A scheme meeting is expected to be held in the second half of 2022 with Crown urging all shareholders to vote in favor of the deal.

“The Board has fully considered the Blackstone Transaction and unanimously recommends the proposal, subject to customary conditions such as an independent expert concluding the transaction is in the best interests of Crown shareholders and there being no superior proposal,” said Crown Chairman Ziggy Switkowski.

Blackstone already holds a 9.99% stake in Crown which it acquired from Melco Resorts & Entertainment in April 2020.

Blackstone’s successful proposal was its fourth such attempt to takeover Crown, having launched an initial bid of AU$11.85 per share early last year and a AU$12.35 per share offer soon after.

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