VGCCC and ILGA approve Blackstone’s proposed acquisition of Crown
The Blackstone Group has been granted approval by two of the three involved Australian state regulators for its proposed acquisition of Crown Resorts.
The Victorian Gambling and Casino Control Commission (VGCCC) and the New South Wales Independent Gaming and Liquor Authority (ILGA) have both approved the Scheme, which remains subject to the receipt of gaming regulatory approval in Western Australia.
As noted by Crown, it also remains subject to the approval of the Federal Court of Australia at the final court hearing in relation to the Scheme, and other customary conditions precedent. Due to the outstanding nature of the regulatory approval in Western Australia, the date for the final court hearing has not yet been set.
In providing approval, the VGCCC required both Blackstone and Crown to agree to an extensive list of conditions and protections, which the Commission says has already occurred.
Key protections include the strengthening of Crown’s governance through the mandatory application of the ASX Corporate Governance Principles and recommendations, which includes Crown Melbourne having a majority independent board of directors. There are also new role requirements for the operator’s CEO and key executives, as well as the improvement of information sharing with law enforcement agencies.
“In reaching this decision, our specialist team put in many months of work investigating the suitability of the Blackstone Group to become an associate of the Melbourne casino operator,” said VGCCC Chairperson Fran Thorn.
“Our approval comes with stringent conditions which balance delivering stronger controls on the casino and ensuring it continues to be the flagship casino in Australia. We will take action should any of these conditions not be met by either Blackstone or Crown.”
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