Blackstone to purchase Australia’s Crown Resorts for $6.3bn
The sale was agreed following a unanimous decision from the operator’s shareholders.
Blackstone, one of the world’s largest investment companies, is set to purchase the discredited Australian operator, Crown Resorts. This deal, worth an estimated $6.3bn, comes after shareholders unanimously voted in favor of the sale.
This sale, which perhaps comes at a reduced fee due to the maladministration of Crown, will see Blackstone purchase all shares in the operator at a price of $9.30 per share.
“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,” noted Crown Chairman Ziggy Switkowski.
This offer marks an increase from Blackstone’s first proposal, which would have seen the American investment giant pay an estimated $8.40 per share.
“When considering any proposal, the Crown board has consistently stated it is committed to maximizing value for Crown shareholders. The Crown board and management have made good progress in addressing a number of significant challenges and issues emerging from the Covid-19 pandemic and various regulatory processes,” continued Switkowski.
“Nevertheless, uncertainty remains and having regard to those circumstances and the underlying value of Crown we believe the Blackstone transaction represents an attractive outcome for shareholders. The all-cash offer provides shareholders with certainty of value.”
Crown shareholders will hope this sale marks the end of a tumultuous period for the company, one that has seen a series of controversies mar the Australian brand’s name.
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