Private equity firm Permira has sold its remaining stake in Galaxy Entertainment Group, raising HK$6.78 billion $875 million and removing any further potential overhang on the stock caused by its divestment plan. The price was fixed at the bottom of the range for a 5% discount.
The deal was widely expected, just not right now.
Indeed, Permira was supposed to be locked up for another three weeks after its previous sell-down in August and the deal also hit the market at about midnight on Wednesday Hong Kong time when European and US markets were dropping sharply following a downward revision to the growth outlook for the...
¬ Haymarket Media Limited. All rights reserved.
