[ad_1]
James Packer sold nearly half of his stake in Crown Resorts for $ 1.76 billion to a Hong Kong-based entertainment company.
Consolidated Press Holdings, the private investment firm of Packer, confirmed Thursday night that it sold 19.99% of its stake in Crown Resorts to Melco Resorts and Entertainment. It was sold for a total purchase price of $ 1.76 billion, or $ 13 per share.
Once the sale of the shares is completed, CPH will hold approximately 26% of Crown's approximately $ 2.3 billion capital and will continue to be represented on Crown's board of directors.
Packer said that Crown was a stronger company with Melco as a strategic shareholder. "The Crown has been a dominant part of my life for 20 years and this remains absolutely the case today: my continued ownership of the Crown is my biggest investment," he said of the day. ;agreement.
"I am always extremely interested in Crown's success as a world-clbad resort and gaming resort. The sale allows me to continue my long-term commitment with Crown and, at the same time, better diversify my investment portfolio. "
Melco Chief Executive Officer Lawrence Ho said the participation was a great opportunity for his company, which operates casinos in Asia, including Macau and the Philippines.
"We certainly intend to continue if the opportunity arises to increase our stake in Crown," Ho said.
CPH will file a notice of variation of the significant interest in Crown and the Australian Securities Exchange.
– with Reuters
Source link
