private-equity-firm-buys-20-stake-in-galaxy

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 conference yesterday.

Coming from EuropeÆs largest buy-out firm with a long history of gaming-related investments, the strategic acquisition is also a notable endorsement of GalaxyÆs growth strategy in Macau where it is up against competition...
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