Melco Crown Entertainment Limited announced that its major shareholder, Melco Leisure has entered into a privately negotiated agreement to acquire 198,000,000 ordinary shares of the Company, or 13.42% of the current shares outstanding, from Crown Asia Investments Pty. Ltd. Mr. James Packer, a Crown nominee director and Deputy Chairman, will resign from the Company with effect from December 15, 2016 after payment of the deposit by Melco Leisure.