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Blackstone acquires The Crown for A$ 8.9m
Blackstone – an investment banking company, finally completed the purchase of The Crown – an Australian casino operator, for 8.9 million australian dollars.
This deal is not only important to The Crown, but it’s also considered to be the biggest transaction in the region of Asia Pacific.
“We are very happy to be the new owner of The Crown, as with our experience we can support the group to become the best travel and leisure company in the industry. We made our first investment in The Crown two years ago after recognizing the group’s and its employees’ full potential. We cannot wait to work with them and create a special place for not only workers, but also the visitors and the communities.”
explained A. Miyasaki, Senior Managing Director & Head of Asia Acquisitions at The Blackstone Group.
In accordance with the deal Blackstone is going to work directly with the management team of The Crown. Both of the brands are going to do their best to change the group into a high-quality leisure destination.
“Today is an important day for The Crown as they join the Blackstone family. This deal will be a wonderful start for the brand and its 20,000 employees. Recently the company saw a dramatic change, and we know that with Blackstone we can finally fulfill our goals of becoming a leading company, and provide a secure and high-quality experience for our consumers.”
stated S. McCann, the chief executive officer of The Crown.
Later he added that tourism in Australia is finally recovering, and they hope that it will go on like that. With Blackstone’s investment and experience they are sure that The Crown will mark their place in the business.