The $6.3 billion acquisition of Australia’s largest casino operator Crown Resorts Ltd by US private equity firm Blackstone Inc was authorized by Australia’s Federal Court on Wednesday.
The approval comes after state regulators in Western Australia (WA), New South Wales (NSW), and Victoria gave their approvals last week, giving billionaire James Packer a way out of the Australian casino firm, which has been plagued by scandals and regulatory setbacks and in which he owns a 37 percent stake.
“Crown will also request that quotation of Crown shares on the ASX be suspended from close of trading today,” the company said in a statement.
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