FIRB approves Blackstone’s offer for Crown Resorts

Blackstone will pay US$6.33bn for Crown Resorts.
Blackstone will pay US$6.33bn for Crown Resorts.

The Australian Foreign Investment Review Board has given its OK to Blackstone’s AUD8.9bn offer to acquire Crown Resorts.

Australia.- Blackstone Group has received a vital approval to acquire the Australian casino operator Crown Resorts. The Australian Foreign Investment Review Board (FIRB) has said the Commonwealth Government has no objection to the proposed acquisition.

The deal still remains subject to a number of other conditions, including approval from gaming regulators, Crown shareholders and the cours.

In January, Blackstone Group Inc. increased its offer for Crown from AU$12.50 (US$9.11) to AU$13.10 (US$9.55) cash per share, an offer that received unanimous backing from the board of Crown Resorts.

Since then, Crown Resorts has been deemed unsuitable to hold a licence for its Perth casino. However, the company will keep its licence under stricter conditions.

Tony Buti, WA’s racing and gaming minister, said the government had accepted key recommendations and would amend the state’s casino laws. Crown and its subsidiaries are undergoing a restructuring overseen by independent observers, which is expected to take about two years. A similar arrangement was imposed in Melbourne.

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