Blackstone adds conditions for Crown Resorts buyout
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[BENGALURU] Crown Resorts said on Tuesday Blackstone Group set further conditions for its proposed buyout of the casino operator, including that the Australian company not loose further state licences.
Crown has already been found to be unfit to hold a gambling licence for its Sydney casino, and currently faces Royal Commission inquiries in Western Australia and Victoria, the two other states it operates in.
Last month, US private equity firm Blackstone offered to buy shares in Crown that it does not already own for A$11.85 each, in a deal that valued the Australian company at A$8.02 billion (S$8.18 billion).
The new conditions set out safeguard against the cancellation, suspension or surrendering of casino licences in Western Australia and Victoria, Crown said.
They also include a condition in the event that gaming regulators impose, or indicate they will, terms or conditions on Crown that could constitute a material adverse change.
Blackstone is expected to receive approval to buy Crown from each state regulator by the third quarter, the Australian company said, adding that its board was still assessing the proposal.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
