Permira raises $613 million from Galaxy sell-down

The private equity investor sells the shares at more than twice the price it paid four years ago, but keeps a 12.8% stake as a long-term investment.
September 01, 2011
Galaxy's flagship casino, Galaxy Macau AFP

UK-based private equity firm Permira has raised HK$4.78 billion $613 million by selling part of its holdings in Macau casino operator Galaxy Entertainment.

The deal, which was launched and completed after the Hong Kong market closed yesterday, came a day after Galaxy reported strong first-half earnings and almost four years after Permira made its investment in the Hong Kong-listed company.

This was the biggest block trade in Asia since the market turbulence in August and was completed at more than twice the price per share that Permira paid for a...

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