UPDATE 2-Blackstone takes $360 mln stake in Australia's Crown, stoking buyout hope [Reuters (UK)]
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Source: Reuters
Blackstone takes $360 million stake in Australia's Crown, stoking buyout hope - Reuters 3 Min Read SYDNEY/BENGALURU (Reuters) - Private equity company Blackstone Group Inc ( BX.N ) bought a near 10% stake in Australian casino operator Crown Resorts Ltd ( CWN.AX ) from Macau’s Melco Resorts & Entertainment Ltd ( MLCO.O ), sending Crown shares soaring amid hopes of a buyout. The deal accomplishes Melco’s plan to exit its Crown holdings as casino companies around the world rein in spending to cope with a shutdown to slow the spread of the coronavirus. Crown disclosed the deal in a market filing on Wednesday. Blackstone’s purchase makes the private equity investor the second-largest holder in Crown after the company’s billionaire founder James Packer. The investment has stoked speculation that Blackstone, with $570 billion assets under management, may lob a bid for more or all of the Australian company. Packer had planned to sell more of his 37% stake in Crown to Melco as part of a
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