Crown Resorts backed a $6.3 billion buyout from private equity giant Blackstone, giving billionaire James Packer an exit route from the Australian casino firm beset by scandals and regulatory setbacks.
Packer will cash in his chips a decade and a half after he created Crown to shift away from the Packer family's media empire in a bid to reinvent the dynasty as a gambling business.The A$13.10 cash offer values Crown below its share price in 2019, before COVID-19 restrictions and damaging regulatory inquiries in the three states it operates, but Chief Executive Steve McCann said it provides much-needed certainty for shareholders.Crown shares rose 2% to A$12.65 on Monday.
As Crown's biggest shareholder with 37% of the company, Packer's vote will be pivotal to reach the 75% shareholder approval threshold. A spokesperson for Packer, who would walk away with about A$3.3 billion, declined to comment.Chris Tynan, senior managing director and head of real estate at Blackstone Australia, said in a statement the company was"very pleased to have entered into a binding implementation agreement with Crown.
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