SYDNEY/BENGALURU (Reuters) -- Private equity company Blackstone Group Inc bought a near 10% stake in Australian casino operator Crown Resorts Ltd from Macau's Melco Resorts & Entertainment Ltd, sending Crown shares soaring amid hopes of a buyout.
The deal accomplishes Melco's plan to exit its Crown holdings as casino companies around the world rein in spending to cope with a shutdown to slow the spread of the coronavirus. Crown disclosed the deal in a market filing on Wednesday.
