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Crown Resorts to sell online betting biz stake for A$150M

Crown Resorts Ltd. agreed to sell its entire 62% stake in its online wagering business CrownBet for A$150 million in a deal set to close at or before the end of February 2018.

Under the terms of the deal, the company will sell its CrownBet stake, along with loans it has provided to CrownBet, to an entity associated with other CrownBet stakeholders, including the CrownBet management team led by Matthew Tripp.

Closing of the transaction is subject to the buyer arranging satisfactory financing, according to a filing.