Melco Completes Acquisition of Majority Stake in Melco Crown Entertainment
February 15 2017 - 11:07PM
Melco International Development Limited (“Melco”
or the “Group”) (HKEx Code:200), a world leader in the leisure
and entertainment sector, today announced that it has completed the
purchase of additional interest in, thereby assumed majority
ownership of, Melco Crown Entertainment (“MCE”) (Nasdaq:MPEL).
The Group now holds approximately 51.3% stake in MCE versus
approximately 37.9% before. The financial results of MCE will
continue to be consolidated in the financial statements of the
Company.
The aggregate purchase price for 198,000,000
ordinary shares, equivalent to 66,000,000 American depositary
shares (“ADS”s), of MCE was US$1,100,800,800. Melco immediately
paid a deposit of US$100,000,000 upon signing the acquisition
agreement. To support the purchase, Melco obtained a credit
facility of up to US$1,000,000,000, comprising a US$700,000,000
term loan facility for this purpose and a US$300,000,000 revolving
credit facility, from Industrial and Commercial Bank of China
(Macau) Limited (“ICBC Macau”) and Industrial and Commercial Bank
of China (Asia) Limited (“ICBC (Asia)”). The remaining amount of
the closing payment was settled using the Group’s internal
resources.
Mr. Lawrence Ho, Group Chairman and CEO
of Melco, said, “I am thrilled to announce today that
Melco has assumed majority ownership of MCE. It is certainly
another tremendous milestone for the Company. I would like to thank
ICBC Macau and ICBC (Asia) for supporting and trusting us and
facilitating the closing of the deal. The acquisition
signifies my faith in Macau’s long term prospects and the strength
and quality of MCE. The deal will enable both Melco and MCE to more
effectively capture growth opportunities in Macau, Asia and around
the world. This is also an important step forward to realizing our
vision of becoming a global leader in leisure and
entertainment.”
Mr. Zhu Xiaoping, Chairman of ICBC
(Macau) Limited, said, “Melco has proved to be a dynamic
and innovative new force in the industry and its vision is to
expand its business around the world. ICBC Macau is delighted to
support Melco on expanding its business. We are very happy to
be a part of the Melco story, which is rather impressive, and are
looking forward to seeing Melco achieve new heights with its
business in the future.”
Melco – Entertaining Possibilities.
Achieving Growth.
About Melco International Development
LimitedFounded in 1910 and listed on the Hong Kong Stock
Exchange since 1927, Melco International Development Limited
(“Melco”) (HKEx Code:200) was among the first one hundred
companies established in Hong Kong. Today, under the leadership of
its Chairman and Chief Executive Officer, Mr. Lawrence Ho, Melco
has become a world leader in the leisure and entertainment sector
with operations in China, Philippines and Russia. Its promising
performance and distinctive leadership in the industry are also
well recognized worldwide.
Since February 2017, Melco has held a majority
stake in Melco Crown Entertainment (NASDAQ ticker symbol “MPEL”), a
leading developer, owner and operator of casino gaming and
entertainment casino resort facilities in Asia. The recent
acquisition further bolsters the Group’s financial position and
enables its growth opportunities in Macau, Asia and around the
world. Through different companies, the Group is also actively
pursuing expansion opportunities in Spain and Cyprus.
As a dynamic enterprise, Melco has garnered
numerous accolades for excellence in corporate governance and
contribution to CSR. Melco has been honoured with the “Corporate
Governance Asia Annual Recognition Award” by Corporate Governance
Asia magazine for the eleventh year in 2016. It is also the first
entertainment company to receive the “Hong Kong Corporate
Governance Excellence Awards” by the Chamber of Hong Kong Listed
Companies and the Centre for Corporate Governance and Financial
Policy of the Hong Kong Baptist University.
For more information about Melco, please visit
www.melco-group.com.
Media Enquiries |
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Melco International Development Limited |
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Maggie
Ma |
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Tel:
(852) 3151 3767 |
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Email: maggiema@melco-group.com |
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Fax:
(852) 3162 8375 |
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Strategic Financial Relations Limited |
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Mandy
Go |
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Tel:
(852) 2864 4812 |
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Email: mandy.go@sprg.com.hk |
Angela
Ng |
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Tel:
(852) 2864 4855 |
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Email: angela.ng@sprg.com.hk |
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Fax:
(852) 2527 1196 |
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