Twitter LinkedIn
    Tuesday, May 24
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Deals»Blackstone tweaks conditions for $6 billion Australia Crown Resorts buyout
    Deals

    Blackstone tweaks conditions for $6 billion Australia Crown Resorts buyout

    April 14, 20211 Min Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    Australian casino operator Crown Resorts Ltd said private equity giant Blackstone Group Inc modified the conditions of a proposed $6 billion buyout, saying the target must not lose further state licences before the deal is approved. Last month, the U.S. buyout specialist, which already owns 10% of Crown, offered to buy the Crown shares it does not already own for A$11.85 each, valuing the Australian company at A$8 billion ($6.1 billion).

    The modified conditions safeguard Blackstone against an adverse recommendation like the cancellation or suspension of its WA or Victorian licences by either inquiry before the deal is approved by courts, Crown said in a statement on Tuesday.

    The statement added that Blackstone expected to receive approvals to buy Crown from each state regulator “by Q3 2021”, without specifying when during the July-September quarter it expected the result. The Victorian and WA inquiries are due to deliver their recommendations in August and November, respectively.

     

    Read More

    Source: Reuters

    Reporting by Nikhil Kurian Nainan in Bengaluru and Paulina Duran in Sydney; Editing by Subhranshu Sahu and Stephen Coates

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    Acquisitions deals Investments Transactions
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    Vista Equity Partners Among the First Major U.S. Private Equity Firms to Advance Global ESG Strategy with Portfolio-Wide Participation in Climate Program

    May 23, 2022

    General Atlantic eyeing $2 bn investment in India, SE Asia

    May 23, 2022

    Air France-KLM Talking With Apollo on $528 Million Injection

    May 23, 2022

    Morgan Stanley Capital Partners Completes Investment in Fairway Lawns

    May 19, 2022

    Comments are closed.

    Other Articles

    Italian space company D-Orbit to go public via SPAC at a $1.4 billion valuation

    January 28, 2022

    Thompson Street Capital Partners acquires Freddy’s Frozen Custard & Steakburgers

    March 5, 2021

    Diversis Capital invests in Black Box Intelligence

    January 11, 2021

    Blackstone seals $6bn Home Partners deal

    June 26, 2021

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2022 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?