Permira hits jackpot with Galaxy
Permira's casino gamble seems to have paid off in Macau. The UK-based private equity firm divested approximately 6.5% of its stake in Macau casino and entertainment operator Galaxy Entertainment Group for HK$4.8 billion ($614 million), selling 270 million shares at HK$17.70 apiece through an institutional placement.
Although the price represented a more than 5% discount on Galaxy's previous closing price, Permira has more than doubled its money. In 2007, the private equity firm acquired a 20% stake in Galaxy for nearly...
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