24 Mar 2006
Private consortium to buy out Kerzner
Kerzner International, casino resorts and luxury hotels operator, is set to be bought out for £1.7bn (US$3bn, 2.5bn euro) by its chair and CEO – father and son team Sol and Butch Kerzner – in partnership with a consortium of international investment companies.
The pair will continue to operate the company and hold a 25 per cent interest – an increase of 14 per cent on their current stake.
The consortium offered almost £44 (US$76, 64 euro) per share – an 8 per cent premium on Kerzner’s most recent market value prior to the sale.
The private investors include UAE investor Istithmar, Goldman Sachs’ property arm Whitehall Street, the LA-based private equity company Colony Capital and Providence Equity Partners.
Kerzner International is developing a 1,500-room Atlantis gaming resort on Palm Island, Dubai, and is planning to construct a Las Vegas-style casino adjacent to the O2 in London. Details: www.kerzner.com
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