Blackstone's Crown Takeover Edges Closer With License Approvals

By Stuart Condie

Blackstone Inc.'s US$6.3 billion takeover of Australia's Crown Resorts Ltd. edged closer to approval after regulators in two Australian states cleared the U.S. private-equity giant to operate a casino.

Crown on Thursday said that casino regulators in New South Wales and Victoria states had approved the takeover of ASX-listed Crown by Blackstone. It said regulatory approval in Western Australia state was still required.

Blackstone already has real-estate assets in Australia and gambling businesses in other countries. It first offered to buy Crown in 2021 for 11.85 Australian dollars (US$8.52) a share and raised its offer multiple times until Crown accepted a A$13.10-a-share cash offer in February 2022.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

June 08, 2022 20:43 ET (00:43 GMT)

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