Crown Resorts’ subsidiary enters repurchase deal with Melco

Company News

by David Chau

Crown Asia Investments Pty Ltd, the subsidiary of James Packer's Crown Resorts (ASX:CWN) has entered into a deal with NASDAQ-listed Melco Resorts & Entertainment Ltd.

Crown Asia will repurchase its remaining interest in Melco Resorts.

As part of this deal, Crown Asia will sell 165.3 million Melco Resorts ordinary shares (for the price US$7.05 per Melco share).

The Repurchase Agreement is expected to complete next week – on 15 May, subject to customary conditions to completion.

This morning, Crown Resorts shares are tracking 0.72% higher at $12.59.

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