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    Live news: Blackstone nears $6.5bn deal to buy Australia’s Crown Resorts

    Crown Resorts launches exclusive deal with Blackstone Group after U.S. private equity group loosens bid to buy low-pressure Australian gaming company for around A $ 8.9 billion (US $ 6.5 billion) Agreed to.

    The revised offer is A $ 13.10 per share, A $ 0.60 per share, from a previous proposal made to the casino business by Blackstone backed by Australian billionaire James Packer in November. Or valued at around A $ 1 billion with additional cash.

    The latest bid was made last year after the gaming company’s board rejected some offers from the US buyout group, which already owns 9.99% of the Crown.

    Since May, Crown has been at the center of a bidding war between Blackstone and Star Entertainment, a rival of smaller casinos seeking a merger.

    Stars withdrew interest in July, when Australian officials said the Crown could lose his gambling license as a result of an investigation into the money laundering accusation. The threat was lifted in September after the investigation was completed, and Sydney-based stars continue to be interested in resuming the A $ 12 billion merger plan.

    If Blackstone decides to complete due diligence within a few days and make a binding offer of A $ 13.10 or more per share, the bid will be unanimously accepted by the board of directors of Australian company Crown. Will be. Said in a statement..

    The deal highlights Blackstone’s continued interest in owning a casino as private equity investors have agreed to acquire real estate assets from MGM at Bellagio Hotel & Casino in Las Vegas in 2019. .. $ 4.25 billion..

    Blackstone decided in early 2021 that Australian regulators were unsuitable for running a new A $ 2.2 billion casino resort in Sydney due to concerns about money laundering and poor corporate governance. First I approached the crown.

    The deal also highlights the continued interest of global investors in seizing Australian assets despite the pandemic.

    The Australian market has been one of the most active transactions of the past year, driven by cheap finance and private capital for listed assets ranging from telecom to airports to the fund itself.

    Live news: Blackstone nears $6.5bn deal to buy Australia’s Crown Resorts Source link Live news: Blackstone nears $6.5bn deal to buy Australia’s Crown Resorts

    The post Live news: Blackstone nears $6.5bn deal to buy Australia’s Crown Resorts appeared first on California News Times.

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