Australias Federal Court has approved Blackstone’s purchase of Crown Resorts. The agreement, valued at a substantial AUD 8.9 billion (USD 6.2 billion), signals the conclusion of a turbulent chapter for the casino powerhouse.
Following the court’s public order, trading of Crown Resorts stock will halt today. Conversely, the company’s subordinate debt securities will maintain their listing on the ASX. Crown’s removal from the S&P/ASX 200 Index will be formalized before trading commences on Monday, June 20th.
This last obstacle paves the path for Blackstone to conclude the acquisition, which secured vital endorsements earlier this month from regulatory bodies in both Victoria and New South Wales. Both the Victorian Gambling and Casino Control Commission (VGCCC) and the New South Wales Independent Liquor & Gaming Authority (ILGA) stressed the importance of robust regulatory supervision going forward.
Investors anticipate receiving AUD 13.10 per share on June 24th, contingent upon their ownership as of Friday, June 17th.
Blackstone’s extended quest for Crown Resorts culminated in success. An early proposal in March 2021 was rebuffed, as was an adjusted attempt in May. Nevertheless, Blackstone’s determination triumphed. A subsequent offer, presented in November 2021 and enhanced in January 2022, secured the support of Crown’s directors. Investors overwhelmingly backed the agreement in a May ballot, deciding the future of the renowned Australian gaming company.
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