Home Sydney The court approved the Crown takeover for $ 8.9 billion

The court approved the Crown takeover for $ 8.9 billion

67
0

The acquisition of Crown Resorts by US private equity giant Blackstone for $ 8.9 billion overcame the latest hurdle after a federal court approved the scheme.

Billionaire James Packer, who owns 37 percent of Crown, will receive $ 3.26 billion after a Melbourne court approved the deal on Wednesday.

Crown attorney David Butt QC made some last-minute changes to the deal, including the exclusion of shares worth about $ 67 million.

“In our opinion, the scheme is suitable for the approval of the court in all respects,” he said.

Judge Stuart Anderson approved the amendment deal.

The takeover puts an end to years of unrest for Crown after inquiries in New Wales, Victoria and WA recognized that the company was unfit to run its casinos amid widespread violations of the law.

In May, the casino giant said 92% of Crown shareholders supported the scheme, with 99.9% of their shares voting in favor.

Blackstone is a private equity company listed on the New York Stock Exchange that invests on behalf of pension funds, large institutions and individuals.

https://www.perthnow.com.au/news/crime/court-approves-89b-crown-takeover-c-7168665

Previous articleTeam Tonga, Team New Zealand, Representative Round, State of Origin, NSW Blues, Kotoni Staggs, Daniel Tupou, Shaun Johnson
Next articleEnd of fiscal year, EOFY: All changes will take place in Australia on 1 July