Melco Resorts & Entertainment Ltd. said May 30 that it agreed to purchase 19.99% of Australian casino gaming and entertainment company Crown Resorts Ltd. from CPH Crown Holdings Pty. Ltd. in a deal worth A$1.76 billion.

Under the terms of the deal, a Melco subsidiary will buy 135.35 million shares of Crown Resorts for A$13 each.

The Hong Kong-based casino operator said the acquisition does not require regulatory approvals. However, it still will submit applications to the Australian gaming authorities of Victoria, Western Australia, New South Wales and other relevant jurisdictions.

Melco intends to pursue representation on Crown Resorts' board of directors after securing the regulatory approvals. It also welcomes the chance is to raise its stake in the company.

The deal is expected to close in two equal tranches on June 6 and on or before Sept. 30.