Login
Crown acquired for $8.9bn
Crown has been acquired by a global investment business and its affiliates, in a deal worth $8.9 billion.
Lauren Croft
Firm: Clayton Utz (Blackstone), Gilbert +Tobin (Morgan Stanley, Citi and Deutsche Bank)
Value: $8.9 billion
Area: Merger and acquisition
Key players: Corporate, M&A and capital markets partners Rory Moriarty and David Wilkie led the Clayton Utz team, assisted by special counsel Ben Cosentino and lawyers Dane McKeen and Samuel Pullin.
The G+T team led by banking and projects partner Stuart Cormack advised Morgan Stanley, Citi and others in relation to the unitranche facility and related supporting financing arrangements. Mr Cormack was supported by special counsel Louise McCoach, consultant Hannah Brellisford, and lawyers Brent Thompson, James Lee and Harris Kershaw.
Deal significance: This landmark transaction, which represents Blackstone’s largest transaction in the Asia-Pacific region, is one of the largest take-private acquisition financings in Australian market history and the first for an Australian casino operator.
Crown is one of Australia’s largest integrated resort groups, with its core businesses including Crown Melbourne, Crown Sydney and Crown Perth. It employs over 20,000 people nationally.
Clayton Utz said they were “delighted to have assisted Blackstone in one of the most significant, complex and challenging transactions in Australia – as well as Blackstone’s largest ever in the Asia-Pacific”.
“This transaction highlights the increasing role of global investment firms in Australian public company M&A. Blackstone’s investment was made in a highly regulated industry and in circumstances where Crown itself was undergoing intense public scrutiny,” the firm added.
Lead G+T partner Stuart Cormack commented: “It was a privilege to have supported Blackstone and its financiers on this market shaping transaction – being Blackstone’s largest ever in Asia-Pacific.
“It was an enormous undertaking for all involved in terms of its scope and complexity – the Gilbert + Tobin team had been working on it for almost 18 months, so [we] are delighted to see it successfully completed. Our congratulations to the Blackstone team on their fantastic and hard-earned achievement.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
