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Australia’s FIRB approves Blackstone acquisition of Crown

Australia’s FIRB approves Blackstone acquisition of Crown

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The Australian Foreign Investment Review Board (FIRB) has approved the proposed acquisition of Crown Resorts by US investment firm, Blackstone Incorporated.

In a filing to the Australian Stock Exchange, the operator said it has been informed by Blackstone that the investment firm has received written confirmation from the FIRB that the Commonwealth Government has no objection to the proposed acquisition by way of the proposed Scheme.

“Blackstone has confirmed that the FIRB condition contained in Clause 3.1(a) of the Scheme Implementation Deed dated 14th February 2022 (a copy of which was released to the ASX on 14th February 2022) has now been satisfied,” a statement from Crown read.

“The implementation of the Scheme remains subject to a number of other conditions, including approval from Gaming Regulatory Authorities, Crown shareholder approval and Court approval, as outlined in the Scheme Implementation Deed.”

In February, the Crown Board unanimously recommended that shareholders vote in favour of Blackstone’s most recent AU$8.9bn (US$6.33bn) offer, which will see the US investment group acquire all of the shares in the operator by way of a scheme of arrangement at a price of AU$13.10 cash per share.