Blackstone Closes In Crown Bid After Australia Approvals: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

June 9, 2022 6:59 AM | 1 min read

Blackstone Inc BX, the investment management company, is likely to take the reigns of Australia’s Crown resorts after the country’s regulators approve the bid, Reuters reported.
Crown resorts have been mired in allegations of money laundering, making its investors nervous and eager for an overhaul or ownership transition.
The COVID-19 pandemic and the ensuing lockdowns made matters worse for the resort group’s profit, which took a big hit.
The new approvals from regulators covering Sydney in New South Wales and Melbourne in Victoria take Blackstone a step nearer to closing the deal, the report added.
Price Action: BX shares closed lower by 2.86% at $116.40 on Wednesday.

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