Blackstone Closes In Crown Bid After Australia Approvals: Reuters

  • 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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