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Melco Resorts completes acquisition of 75% stake in ICR Cyprus

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Melco Resorts completes acquisition of 75% stake in ICR Cyprus

Melco Resorts & Entertainment Ltd. said July 31 that it completed its purchase of a 75% stake in ICR Cyprus Holdings Ltd. from its parent, investment holding company Melco International Development Ltd.

The operator of casino gaming and entertainment casino resort facilities in Asia agreed to exchange 55.5 million of its shares for all of ICR Cyprus' stock held by Hong Kong-based Melco International in an all-stock deal worth about $375 million.

The transaction closed ahead of the expected Sept. 20 completion date.

ICR Cyprus and its subsidiaries are developing the City of Dreams Mediterranean integrated destination resort project in Cyprus, scheduled to open in 2021.