Transactions - MAY 31, 2019

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CPH sells stake in Crown Resorts for $1.22b

by Andrea Zander

Australia-based Consolidated Press Holdings (CPH) has sold part of its shareholding in Crown Resorts in order to diversify CPH’s investment portfolio.

CPH has entered into a share sale agreement with Melco Resorts and Entertainment to sell 19.99 percent of Crown to Melco for an aggregate purchase price of A$1.76 billion ($1.22 billion).

Following completion of this share sale, CPH will own approximately 26 percent of Crown with a value of approximately A$2.3 billion ($1.6 billion). CPH will continue to be represented on the Crown board.

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