Allen & Overy Advise Starwood on its financing to Blackstone
Allen & Overy Advise Starwood on its financing to Blackstone
Allen & Overy advised Starwood on financing of the acquisition by entities owned by funds, managed or advised by Blackstone Inc. and its affiliates of Crown Resorts Limited, a publicly-listed Australian gaming company. This is the most largest and prominent Australian Public M&A deal of 2022 amounting to a total value of 8.9 Billion Dollars.
The silver financing was led out of London by partner David Varne, senior associate George Meale, associate Olivia Manley, trainee Linda Chausheva and paralegal Esther Suresh.
The Australian financing was led out of Sydney by partner David Walter, counsel Andrew Daidone and Siqi Chen, Ciara Connolly and Yasmin Love.
Specialist corporate law advice was provided by Michael Parshall, Partner.
A&O also had separate roles providing English law advice to Deutsche Bank as super senior revolving credit provider to Crown and Trimont as facility agent and security agent on behalf of the lenders.
London partner Philip Bowden and Madrid partner Tom Wilkinson acted for Deutsche Bank and London partner Luke Lewis acted for Trimont.
David Varne, London Partner, commented on the transaction: "We were thrilled to advise our longstanding client, Starwood, on this landmark transaction. It is one of the biggest Australian public M&A deals of the year and, given the three key Australian casino assets, the real estate financing angle was one of a kind."
David Walter, Sidney Partner, added: "This transaction demonstrates the continued appetite of both alternative credit providers such as Starwood and private equity funds like Blackstone, to invest in the Asia Pacific region. We are seeing an increasing trend of investing into Australia among these key players."
