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Permira agrees sale of 6.65% in Galaxy Entertainment Group.


29 August 2012 - Macau casino operator Galaxy Entertainment Group Limited (HKG:0027), or GEG, on Wednesday said its board had been notified that funds of British private equity firm Permira Advisers LP would cut their stake in it by selling 6.65% to a group of investors.

Through its vehicles ENB Lux 1 Sarl and ENB Lux 2 Sarl, Permira had agreed to dispose of around 278.8m GEG shares via a private placement. The sale was kicked off on 28 August and is seen to wrap up on 31 August 2012.

Through this move, Permira funds would reduce their holding in the Hong Kong-based casino operator to 5.95%, GEG said.

GEG did not give any information on the financial terms of the sale, but according to sources cited by Reuters today, Permira has pocketed around USD750m (EUR597m) from the disposal. The private equity firm spent HKD6.53bn (USD842m/EUR670.1m) in 2007 to buy 20% in GEG, the news agency said.

Galaxy Entertainment Group holds a Macau gaming concession through its unit Galaxy Casino SA, allowing it to carry out casino games of chance in Macau. The company, which has recently opened its Galaxy Macau resort in Cotai, also owns and runs five-star property StarWorld Hotel and Casino on the Macau peninsula. It said it planned to expand its entertainment portfolio and add to tourism experience in Macau.Country: Hong KongSector: Hotels/Restaurants/Casinos/CateringTarget: Galaxy Entertainment Group LimitedBuyer: Unnamed investorsVendor: ENB Lux 1 Sarl, Permira Advisers LP , ENB Lux 2 SarlType: DivestmentStatus: AgreedComment: Value of the deal speculated at around USD750m.

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Publication:M & A Navigator
Geographic Code:9MACA
Date:Aug 29, 2012
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