Australian court nods Blackstone-Crown deal: filing

Jun 15, 2022 Newsdesk Latest News, Top of the deck, World  

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Australian casino operator Crown Resorts Ltd says the Federal Court of Australia approved on Wednesday the proposed AUD8.9-billion (US$6.14-billion at current exchange rates) acquisition of Crown by investment firm Blackstone Inc.

The acquisition deal involves a so-called scheme of arrangement, whereby SS Silver II Pty Ltd, an entity owned by funds managed or advised by Blackstone and its affiliates, is to take control of Crown Resorts.

Crown Resorts said in a Wednesday filing that it has lodged an office copy of the orders made by the Federal Court with the Australian Securities and Investments Commission, making the scheme “legally effective”.

Prior to the Wednesday announcement, Crown Resorts had said that gaming regulators in three Australian states where it operates had approved the deal.

Crown Resorts runs the Crown Melbourne casino resort (pictured) in Victoria, and has gaming and non-gaming operations at Crown Perth, in Western Australia. For now, the company also has non-gaming business at Crown Sydney in New South Wales.

“Crown will also request that quotation of Crown shares on the Australian Exchange Securitiesbe suspended from close of trading today,” said the casino firm.

According to the filing, Crown Resorts shareholders will be paid AUD13.10 cash per Crown Resorts share on the implementation of the scheme – expected to be June 24 – in respect of Crown shares held as of June 17.

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