Blackstone adds conditions for Crown Resorts buyout
Deal condition includes requirement Australian company does not lose further state licenses
Crown Resorts said on Tuesday Blackstone Group set further conditions for its proposed buyout of the casino operator, including that the Australian company not lose further state licences.
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Last month, U.S. private equity firm Blackstone offered to buy shares in Crown that it does not already own for A$11.85 each, in a deal that valued the Australian company at A$8.02 billion ($6.11 billion).
The new conditions set out safeguard against the cancellation, suspension or surrendering of casino licences in Western Australia and Victoria, Crown said.
Crown Resorts said on Tuesday Blackstone Group set further conditions for its proposed buyout of the casino operator, including that the Australian company not loose further state licences. (Photo by Scott Barbour/Getty Images)
They also include a condition in the event that gaming regulators impose, or indicate they will, terms or conditions on Crown that could constitute a material adverse change.
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Blackstone is expected to receive approval to buy Crown from each state regulator by the third quarter, the Australian company said, adding that its board was still assessing the proposal.