Blackstone still waiting for regulatory approvals to acquire Crown

Blackstone’s acquisition of Crown Resorts has yet to be finalised due to delays in gaming regulatory approvals.

Australia.- Crown Resorts has postponed the shareholder vote on its acquisition by Blackstone because the investment company has yet to obtain the necessary regulatory approvals for its acquisition of the casino operator. It’s put the vote back by three weeks to May 20.

Blackstone said good progress had been made to get the approvals needed under the terms of the Scheme Implementation Deed dated 14 February 2022.

According to The Sydney Morning Herald, a Blackstone spokeswoman said the company “continues to work constructively with regulators in relation to this transaction and looked forward to bringing its industry expertise to Australia.”

In February, the board of Crown Resorts Ltd unanimously backed investment firm Blackstone Inc‘s offer to acquire all of the shares of Crown Resorts in a deal that values the firm at AUD8.9bn (US$6.36bn). The board determined that the revenue multiples would be in line with other casino operators in Australia and the United States and more than casinos in New Zealand, Macau and Singapore.

In March, Crown’s board sent out a letter calling on shareholders to support Blackstone’s proposal, noting that the sale would allow them to avoid the company’s current uncertainty.