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.
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Galaxy Entertainment’s flagship resort on the Cotai Strip </div>
<div style="text-align: left;"> Galaxy Entertainment’s flagship resort on the Cotai Strip </div>

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 its stake in the Macau casino operator further and speculation of a block trade started almost immediately after Galaxy published its first-half earnings at lunchtime Monday, releasing its substantial shareholders and directors from the results-related...

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