February 21, 2022 | Consumer Discretionary | Australia | Ended

Crown Resorts / Blackstone Group: Deal Insights

On 14-Feb-22, troubled Australian resort and casino operator Crown Resorts announced it has agreed to be taken over by Blackstone in a definitive scheme of arrangement valued at AUD 8.9bn. The firm offer is the culmination of a back-and-forth between Crown, Blackstone and two competing suitors, rival casino operator Star Entertainment (SGR AU) and asset management firm Oaktree Capital, both of which made offers to purchase all or parts of Crown last year. Those proposals were withdrawn following the emergence of allegations that threatened Crown’s ability to hold its Australian gaming licence. Crown has since been subject to investigations by the Australian government into its casino operations in Melbourne and Perth. Last October, a report by the Victoria Royal Commission concluded that the company would be allowed to keep its licence even though the investigation found it to have been involved in illicit activities, including money laundering activities. The latest proposal is structured as an Australian scheme, and despite the company’s legal troubles ...

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