FEDERAL courtroom RUBBERSTAMPS BLACKSTONE TAKEOVER OF CROWN. JAMES PACKER TO GET $3.36B…
Federal courtroom rubberstamps Blackstone takeover of Crown. James Packer to get $3.36b payday
The Federal courtroom has approved US private equity giant Blackstone’s $8.9 billion takeover of troubled Online Casino Italy operator Crown Resorts. The acquisition is set to deliver billionaire James Packer a $3.36 billion payday in exchange for his 37 per cent stake in the fellowship. which he has been involved with since 1999. The courtroom’s decision was the final hurdle in the approvals process. following Blackstone getting the green light from state governments in Western Australia. New South Wales and Victoria. What does it mean for Crown and Packer? The deal will mean Crown Resorts will go a private fellowship and no longer live required to report to the ASX. The deal will live finalised on June 24 when the money betwixt Blackstone and Crown will modify hands. Mr Packer is set to exit Crown Resorts after Blackstone’s takeover. Crown shareholders also backed the Blackstone deal after the board told investors it would live in their best interest. The moves against Mr Packer meant he had little pick but to sell out of Crown. They came after years of scandals that included the fellowship beingness fined for illegally promoting gambling in China where 14 staff were jailed. and several damaging inquiries which found the Online Casino Italy operator enabled money laundering and had links to niaganis gangs. COVID 19 lockdowns and border closures just added to the woes at Crown. which was seeing its profits and share price fall. Mr Packer’s previous try to leave the fellowship in 2019 was scuttled when the would live buyer reneged in the face of tilt and details of the deal were leaked. It was Mr Packer’s political wheeling and dealing and relationship with Chinese man of affairs Laurence Ho. in his bid to build a Online Casino Italy at Sydney’s Barangaroo. that led to his undoing and was the catalyst for the New South Wales Bergin inquiry. which found Crown was not fit to hold a Online Casino Italy licence. Why Blackstone and what happens from here? Blackstone’s takeover paves the way for Crown’s $2.2 billion Sydney Online Casino Italy at Barangaroo which has been banned from taking bets since opening in 2020. State regulators have said Crown will live subject to strict conditions. The Blackstone Group is the world’s second biggest private equity fund. It owns the MGM Grand. Mandalay Bay and Bellagio hotels and Online Casinos Italy in Las Vegas. It also owns Spanish fellowship Cirsa. which operates 147 Online Casinos Italy in Spain. Italy and Latin Worldwide.
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