Crown Resorts has entered into a scheme implementation deed with Blackstone to be acquired for A$8.9bn (€5.6bn).

The offer values Crown Resorts at A$10bn, including debt.

Last month, Crown Resorts gave interim approval to a revised offer from Blackstone to take over the company.

Blackstone had lifted its offer by A$0.60 to A$13.10 per share – up from A$12.50 in November – to buy all shares in Crown that it doesn’t already own. In May last year, Blackstone offered A$12.35 after its initial offer of A$11.85 in March was rejected.

Blackstone currently holds a 10% stake in Crown Resorts, which owns casinos and a golf course in its real estate portfolio. 

Chris Tynan, senior managing director and head of real estate for Blackstone Australia, said: “We are very pleased to have entered into a binding implementation agreement with Crown, and look forward to working with the company and its stakeholders to complete this transaction.“

Crown’s Chairman, Ziggy Switkowski, said: “When considering any proposal, the Crown board has consistently stated it is committed to maximising value for Crown shareholders.

In doing so, Switkowski said the board had managed to obtain an extra A$845m for shareholders since Blackstone made its initial offer in March last year.

Shareholders will vote in the second quarter of this year. If the deal is approved, Crown will be delisted.

The company’s single largest shareholder, James Packer, who owns a 37% controlling stake in the company, is widely said to support the offer.

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