Blackstone To Acquire Australian Company Crown Resorts For $6.4 Billion

Australian casinos and gaming company Crown Resorts agreed to be taken over by global private equity group Blackstone.

As per the deal, Blackstone will buy all of the Crown's listed shares for $9.44 each. This puts the Melbourne-based company at a valuation of $6.4 billion.

The PE group first approached Crown Resorts in March 2021, wherein it offered $6.54 per share. However, the recent offering increased by more than AU$845 million from Blackstone's initial offer.

Fourth Time

This is the fourth time that U.S. PE firm has improved its offer since March. After Blackstone's previously rejected offers, it revived its takeover bid for Crown in November. At the time, it provided $9.01 a share, before raising it by 4.8% last month.

Crown Resort's chairman, Ziggy Switkowski, s...

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