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James Packer's private firm open to Blackstone's $6 billion buyout proposal for Crown Resorts

April 05, 2021 at 11:24 pm EDT

(Reuters) - Billionaire James Packer's Consolidated Press Holdings (CPH) said on Tuesday it was open to considering private equity firm Blackstone Group Inc's A$8.02 billion ($6.13 billion) proposal to buy Australian casino operator Crown Resorts Ltd.

Blackstone in March had proposed to buy Crown Resorts in a deal valuing the troubled casino operator at $6.2 billion, a markdown from its value a year ago but a possible reprieve from regulatory pressure.

Top shareholder Packer has been heavily criticized over his alleged influence over Crown despite quitting the board in 2018, with an enquiry by a state asking for a resolution on the ownership before allowing the company to hold a casino license in New South Wales.

Packer is expected to receive about A$2.9 billion from the Blackstone deal.

CPH on Tuesday also said it has hired Moelis Australia to advise it on its nearly 37% stake, adding that it will engage with relevant stakeholders including regulatory authorities for the proposal.

Crown has tapped UBS as its adviser.

($1 = 1.3086 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
CROWN RESORTS	13.09 AUD	-.--%	-.--%	6.12B
MOELIS & COMPANY	51.4 USD	+0.84%	-0.62%	3.4B
MA FINANCIAL GROUP LIMITED	4.44 AUD	-2.84%	-7.50%	479M
BLACKSTONE INC.	118.6 USD	-1.40%	-3.84%	85.99B

James Packer

James Packer was the fourth richest man in Australia in 2011. He is the son of Kerry Packer, old press baron, who died in 2005.

He is not graduated. In fact his father was convinced that the only way to forge a business man is to do work experience, for this reason he sends him to work in a company of group.

On May 2001 the James Packer’s story, as director of the Australian company One was finished. In fact the company became insolvent, and this adventure will cost to his family 300 of Australian dollar.

In 2005, after his father death, he inherited the media empire Publishing & Broadcasting. Step by step he left this sector in order to move in entertainment industry, for him much more lucrative.

In 2007, he founded Crown Limited which took over the activities of entertainment of Publishing & Broadcasting Limited, owner of the largest amusement park in the southern hemisphere.

He also has many casinos in Canada, Australia and Las Vegas. In 2007, James Packer concluded a transaction in order to buy three casinos in Las Vegas.

The media branch will be called Consolidated Media Holdings. It owns 25% of Foxtel, the Australian operator of pay television and 50% of Premier Media Group which has many Australian newspapers.

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