ZB

James Packer gets astronomical payday after selling Crowne shares

Author
news.com.au,
Publish Date
Wed, 15 Jun 2022, 1:34pm
James Packer of Crown Resorts. Photo / Getty
James Packer of Crown Resorts. Photo / Getty

James Packer gets astronomical payday after selling Crowne shares

Author
news.com.au,
Publish Date
Wed, 15 Jun 2022, 1:34pm

James Packer has received an astronomical payday as the Federal Court has approved US private equity giant Blackstone's A$8.9 billion ($9.86b) takeover of Crown Resorts.

It means the billionaire Packer, who is the largest single owner of shares in Crown will pocket A$3.36b ($3.74b) in exchange for his 37 per cent stake in the company.

The court's decision this morning was the final hurdle in the approval of the deal. Blackstone had previously been given the green light from state governments in Western Australia, New South Wales and Victoria.

The takeover means Crown Resorts will become a private company and no longer be required to report to the ASX.

It also comes after years of scandals at Crown, including staff getting jailed in China, and several inquiries which found the casino operator enabled money laundering and links to criminal gangs.

The deal will be finalised on June 24.