Federal Court rubberstamps Blackstone takeover of Crown, James Packer to get $3.36b payday
The Federal Court has approved US private equity giant Blackstone's $8.9 billion takeover of troubled casino operator Crown Resorts.
Key points:
Today's Federal Court's decision was widely expected
It means Crown will go private after the takeover
The deal between Crown and Blackstone will be sealed next week
The acquisition is set to deliver billionaire James Packer a $3.36 billion payday in exchange for his 37 per cent stake in the company, which he has been involved with since 1999.
The court's decision was the final hurdle in the approvals process, following Blackstone getting the green light from state governments in Western Australia, New South Wales and Victoria.
The deal will mean Crown Resorts will become a private company and no longer be required to report to the ASX.
The deal will be finalised on June 24 when the money between Blackstone and Crown will change hands.
https://www.abc.net.au/news/2022-06-15/federal-court-approves-blackstone-takeover-of-crown-casino/101153420