Private equity firm buys 20% stake in Galaxy

The $840 million deal marks Permira's first direct investment in non-Japan Asia, but more are likely to follow as the firm plans to open an office in Hong Kong.

UK-based private equity firm Permira has agreed to buy a 20% stake in Macau casino operator Galaxy Entertainment Group for a total cost of $840 million in what will be its first direct investment in Asia outside Japan.

The investment will leave Hong Kong-listed Galaxy with a substantially improved balance sheet and enough funds to provide a foundation for the future development of phases two, three and four at its Cotai Mega Resort, the company said at a press...

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