Las Vegas (AP) – Station Casinos has cleared its final hurdle to going private.
The Las Vegas-based company’s USD 5.4 billion buyout has won approval from the National Indian Gaming Commission, according to regulatory filings submitted Friday.
The Indian commission’s approval clears the way for the USD 90 per share buyout to close early next week, possibly by Tuesday, the filing said.
Station agreed in February to a buyout offer by an investor group that includes members of the company’s founding family. Shareholders representing 79 percent of the stock approved the offer by Fertitta Colony Partners LLC in August.
The going-private deal also includes the assumption of USD 2.3 billion in debt and the paying off of a USD 1.1 billion revolving line of credit.
Fertitta Colony Partners was formed by Chief Executive Frank J. Fertitta III, President Lorenzo J. Fertitta, and Colony Capital Acquisitions LLC, part of Colony Capital LLC, the Los Angeles-based real estate investment company run by billionaire Tom Barrack.