James Packer has received an astronomical payday as the Federal Court has approved US private equity giant Blackstone's A$8.9 billion ($9.86b) takeover of Crown Resorts.
It means the billionaire Packer, who is the largest single owner of shares in Crown will pocket A$3.36b ($3.74b) in exchange for his 37 per cent stake in the company.
The court's decision this morning was the final hurdle in the approval of the deal. Blackstone had previously been given the green light from state governments in Western Australia, New South Wales and Victoria.
The takeover means Crown Resorts will become a private company and no longer be required to report to the ASX.
