trending Market Intelligence /marketintelligence/en/news-insights/trending/b6xasxsvtfbprxny5fynlq2 content esgSubNav
In This List

Far East to acquire 4.99% stake in Australian resort company for A$245M


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Far East to acquire 4.99% stake in Australian resort company for A$245M

Diversified property company Far East Consortium International Ltd. and Chow Tai Fook Group agreed to acquire a combined 9.9% stake in Australian integrated resort company Star Entertainment Group Ltd., with Far East paying A$245.2 million for its 4.99% share.

Far East and Chow Tai Fook will each subscribe for 45,825,000 fully paid Star ordinary shares as part of a strategic alliance that will provide the parties with a commercial framework to support future business growth and enable them to take advantage of each other's capabilities and scale.

The transaction will also allow Far East to form partnerships for potential mixed-use property projects pertaining to Star's future developments and to boost its exposure to the Queen's Wharf development in Brisbane, Australia, where it already has an equity stake.

Far East will fund its share of the subscription price using internal resources and external financing.

Far East and Chow Tai Fook plan to seek approval from Australian regulators to boost their combined shareholding in ASX-listed Star to more than 10%, according to a release.