Clayton Utz congratulates Blackstone on successful implementation of Crown Resorts scheme

24 Jun 2022 Time to read: 1.5 MIN

Clayton Utz has advised entities owned by funds managed or advised by Blackstone Inc. and its affiliates on the A$8.9 billion acquisition of Crown Resorts Limited (Crown) by way of scheme of arrangement, implemented today. This represents Blackstone’s largest transaction in the Asia-Pacific and one of the largest fund take privates in the region.

Crown is one of Australia’s largest integrated resort groups, with its core businesses including Crown Melbourne, Crown Sydney and Crown Perth. It employs over 20,000 people nationally.

Corporate, M&A and Capital Markets partners Rory Moriarty and David Wilkie led our team, assisted by special counsel Ben Cosentino and lawyers Dane McKeen and Samuel Pullin. Banking & Financial Services (BFS) partners Alex Schlosser and Kate O’Donovan, assisted by senior associate Candace Hennessy and lawyer Charles Leu, advised on the financing aspects of the transaction, while Commercial Litigation partner Fred Prickett and special counsel Emily Tranter advised on the litigation and regulatory aspects, and Workplace Relations, Employment & Safety partner Amanda Lyras advised on the employment aspects.

The team was supported by a large group of partners and lawyers across our firm, who worked alongside a number of local and international law firms on all aspects of the transaction, including, corporate, M&A, regulatory (including FIRB and gaming), banking and finance, employment, industrial relations, real estate, tax, environment and sustainable development, competition, IP & technology, insurance, AML/CTF and more.

Commenting on today's successful completion, David Wilkie said:
Clayton Utz is delighted to have assisted Blackstone in one of the most significant, complex and challenging transactions in Australia - as well as Blackstone’s largest ever in the Asia-Pacific. This transaction highlights the increasing role of global investment firms in Australian public company M&A. Blackstone's investment was made in a highly regulated industry and in circumstances where Crown itself was undergoing intense public scrutiny.
BFS partners Alex Schlosser and Kate O'Donovan added: 
We're both excited and grateful to have been able to work with Blackstone on the financing of this landmark deal. The size and complexity of the funding package that was able to be achieved is testament to the depth and sophistication of the private credit market willing to deploy capital in Australia (whether as TLB or unitranche) on mega-transactions, such as this.

This deal is another example of Clayton Utz’s leading work in Australian M&A, which in recent times includes advising:

  • Blackstone on the sale of the ‘Milestone’ industrial logistics portfolio for A$3.7billion;
  • Uniti on its proposed A$3.7 billion acquisition by a consortium comprising Morrison and Brookfield by way of a scheme of arrangement;
  • Dye & Durham on its proposed A$2.9 billion acquisition of Link Group by way of a scheme of arrangement;
  • Blackstone on its acquisition from GIC of a 49% interest in the Dexus Australia Logistics Trust, an existing joint venture with Dexus that owns a portfolio of high-quality logistics assets in Australia.

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Lauren Scott

Melbourne
Head of Corporate Affairs
Disclaimer
Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.