CPH sells stake in Crown Resorts for $1.22b
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.