Early June date expected for final hearing to approve Crown acquisition

Blackstone has inched one step closer to acquiring Crown Resorts after the casino operator filed materials with the Federal Court of Australia.

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Following a meeting last week, in which Crown shareholders overwhelmingly voted in favour of the acquisition, the Australian company has formally notified the Court of their decision.

Today, the Court adjourned the final hearing to approve the acquisition, and ordered a new date be fixed. Crown added that it will publish the date on its website, and currently expects the final hearing to take place in the week commencing 6 June.

Any date is contingent upon Blackstone fulfilling a condition for regulatory approval, though once satisfied, Crown said it will “seek to have the final hearing fixed for the earliest possible date.”

“The date of the final hearing depends on when the condition precedent relating to Blackstone obtaining gaming regulatory approvals is satisfied,” stated the casino operator.

When this is secured, and assuming the deal is approved, both parties will finalise the acquisition approximately seven business days after the hearing, at which time Crown shareholders will receive their compensation.

More importantly, this latest development sees Crown and Blackstone enter the final chapter of a saga that began in March 2021, when the proposed acquisition was initially put forward.

In February 2022, almost one year and a few revisions later, the Crown Board of Directors finally approved an offer valuing the Australian company at AU$8.9bn (US$6.3bn).

Crown Chairman Ziggy Switkowski, at the time, remarked: “The board has fully considered the Blackstone transaction and unanimously recommends the proposal.”

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