James Packer sells half of his $ 1.76 stake in Crown to a one-time partner Melco – after he was noticed in LA and saw a remarkable trimmer amid rumors of weight loss
- James Packer has sold nearly half of his stake in Crown Resorts for $ 1.76 billion
- Sold to Melco Resorts and Entertainment, led by his former business partner
- Comes the same day he was spotted in a trimmer-like park in Los Angeles
Australian billionaire James Packer has sold nearly half of his stake in Crown Resorts for $ 1.76 billion to a Macau entertainment company owned by a former business partner.
Consolidated Press Holdings, Mr Packer's private investment company, confirmed on Thursday evening that it had sold 19.99 percent of its shares in Crown Resorts to Melco Resorts and Entertainment, which is led by Hong Kong casino-mogul and its former partner Lawrence Ho.
It was sold for a total purchase price of $ 1.76 billion, which corresponds to $ 13 per share.
The news comes on the same day that Packer was looking through a park in Los Angeles for a relaxed and noticeably better trimmer than when he was last seen in public, with rumors that he had recently undergone surgery for weight loss.
Once the stock sale is complete, CPH owns approximately 26 percent of Crown, worth around $ 2.3 billion, and remains represented on the Crown board.
Mr. Packer said that Crown was a stronger company with Melco as a strategic shareholder.
Australian billionaire James Packer appears to have been slimmed down in the midst of rumors that he has had more weight loss earlier this year
& # 39; Crown has been a big part of my life for the past 20 years and that is definitely the case today – my ongoing Crown interest represents my largest investment & # 39 ;, Packer said about the deal.
& # 39; I am still very interested in the success of Crown as a world-class resort and gaming company. With the sale I can continue my long-term involvement with Crown and at the same time better diversify my investment portfolio. & # 39;
Mr. Packer paid tribute to the former business partner, Mr. Ho.
& # 39; In the last 15 years, Lawrence has been one of & # 39; built the world's leading resort and gaming companies & # 39 ;, he said.
& # 39; Melco & # 39; s award-winning resorts have set the standard internationally and are a testament to the vision and efforts of Lawrence. Crown is a stronger company with Lawrence and Melco as strategic shareholder. & # 39;
The businessman was seen walking through Holmby Park near the UCLA campus in Los Angeles, in particular looking for trimmer than when he was last seen in public
Mr. Ho added: & I consider Melco & # 39; s investment in Crown an incredible opportunity to purchase a strategic interest in what I believe is the main provider of truly integrated resort experiences in Australia. & # 39;
CPH will submit a Notice of Change in Substantial Holding to both Crown and the Australian Securities Exchange.
Mr. Packer was cheerful when he was strolling through the park with a friend in the neighborhood.
Mr. Packer divides his time between Los Angeles and Aspen, Colorado, and plans to stay in the US and stay close to his ex-wife Erica and three children.
. [TagsToTranslate] Dailymail