Permira exits Galaxy through $875 million block trade

The sale comes five years after Permira made its investment in the Macau casino operator and three weeks before its latest lockup was due to expire.

Private equity firm Permira has sold its remaining stake in Galaxy Entertainment Group, raising HK$6.78 billion $875 million and removing any further potential overhang on the stock caused by its divestment plan. The price was fixed at the bottom of the range for a 5% discount.

The deal was widely expected, just not right now.

Indeed, Permira was supposed to be locked up for another three weeks after its previous sell-down in August and the deal also hit the market at about midnight on Wednesday Hong Kong time when European and US markets were dropping sharply following a downward revision to the growth outlook for the...

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