By Yi Wei Wong

Midnight Acacia Holdings Pte., an investment holding company managed by Blackstone Group has bought a 10% stake in Crown Resorts for $551.6 million Australian dollars (US$358.0 million).

The investment company purchased the shares from Melco Resorts & Entertainment at A$8.15 a share, Melco Resorts said in a filing to the local stock exchange Wednesday.

Proceeds from the sale will be used for general working capital and to strengthen the company's balance sheet during the recent Covid-19 pandemic, it said in the filing.

After the sale, Melco has ceased to be a shareholder of Crown Resorts, it said.

Write to Yi Wei Wong at yiwei.wong@wsj.com

(END) Dow Jones Newswires

April 29, 2020 01:10 ET (05:10 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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