Permira cashes out of Galaxy at 2.8x
Thanks in no small part to the Chinese passion for gambling, Macau has emerged as the casino capital of the world in recent years, with takings six times those of Las Vegas. Permira has successfully ridden this wave, securing a 2.8x money multiple on its investment in Galaxy Entertainment Group after last week completing the last in string of public market divestments.
As result, the PE firm's maiden investment in Asia has turned out to be one of the most profitable in its latest global buyout fund. Permira first backed the Hong Kong-listed Galaxy in October 2007,...
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