AAP Finance

Crown shareholders back Blackstone buyout

By AAP Newswire

May 20, 2022

Crown Resorts and its One Barangaroo tower will soon be in private equity hands. -AAP Image

Crown Resorts shareholders have overwhelmingly backed a $8.9 billion takeover by US private equity giant Blackstone.

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The casino giant said 92 per cent of Crown shareholders supported the scheme, with 99.9 per cent of their shares cast in favour.

The scheme is now expected to go before federal court for approval the week of June 6.

The takeover will end years of turmoil for Crown after inquiries in NSW, Victoria and WA all found the company unfit to run its casinos amid widespread lawbreaking.

Crown shares were up 0.3 per cent to $12.855 at 1530 AEDT. Shareholders will receive $13.10 per share under the scheme.

Billionaire James Packer, who owns 37 per cent of Crown shares, stands to receive $3.26 billion under the scheme.

Blackstone is a private equity firm listed on the New York Stock Exchange that invests on behalf of pension funds, large institutions and individuals.

Crown is being removed from the ASX200 next Wednesday, replaced by Tabcorp spinoff The Lottery Corporation.

By AAP Newswire

Australian Associated Press