Permira raises $755 million by selling half its Galaxy stake

The deal is backed by a reverse inquiry and sells to a small number of investors at a tight 4.1% discount.

Permira raises $755 million by selling half its Galaxy stake
Galaxy Entertainment’s flagship resort on the Cotai Strip

Private equity firm Permira last night sold just over half its remaining stake in Hong Kong-listed Galaxy Entertainment Group, raising HK$5.85 billion $755 million. According to a source, the deal was backed by a reverse inquiry from a large long-only institutional investor and was marketed to just a handful of accounts, allowing the shares to be sold at a tight 4.1% discount to yesterday’s close.

UK-based Permira had been expected to reduce...

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