Kerzner International Sold to Private Investors
The deal should close soon and will give all shareholders $81.00 per share in cash, without interest, for each of the Company's ordinary shares (other than certain restricted shares) held. The move is being made to take the company off the public markets so the organization no longer has to follow reporting obligations as stated by the Securities Exchange Act of 1934. The stock will no longer be listed on any exchange or quotation system, including the New York Stock Exchange.
The aggregate transaction value, including the assumption of $599 million of net debt is approximately $3.8 billion. The investor group also includes Istithmar PJSC, which is a significant shareholder of the Company, Whitehall Street Global Real Estate Limited Partnership 2005, Colony Capital LLC, Providence Equity Partners, Inc. and The Related Companies, L.P., which is affiliated with one of the Company’s Directors. The Kerzners and Istithmar, own approximately 24% of the company's ordinary shares.
Though Kerzner will no longer be obligated to report its news, word has leaked out that all its current development and expansion plans will continue unabated. Kerzner International Limited includes is flagship brand Atlantis, which includes Atlantis, Paradise Island, a 2,317-room, ocean-themed destination resort located on Paradise Island, The Bahamas. Development of a major expansion currently underway and will continue including the construction of a 600-room, all-suite luxury hotel and a significant enhancement of Atlantis' water-based attractions.
Kerzner International is extending its Atlantis brand globally with the development of Atlantis, The Palm, Dubai, an approximately 1,500-room, water-themed resort expected to open in late 2008, currently being constructed on The Palm, Jumeirah, a multi-billion dollar leisure and residential development in Dubai.
In its gaming segment, the Company developed and receives regular payments from Mohegan Sun in Uncasville, Connecticut, which is one of the largest casinos in the world.
Kerzner also manages 10 resort hotels primarily under the One&Only brand. The resorts are located in The Bahamas, Mexico, Mauritius, the Maldives and Dubai.
Istithmar PJSC is a major investment house based in the United Arab Emirates focusing on private equity, real estate and other alternative investments. Established in 2003, Istithmar was created with the key mission of earning exceptional returns for its investors while maintaining due regard for risk. Istithmar has invested in 30 companies deploying approximately $1 billion in equity capital.
Whitehall Street Real Estate Funds are Goldman, Sachs & Co.'s primary real estate investment vehicle. Goldman Sachs manages the Whitehall Funds and is also Whitehall's largest investor. Since 1991, Whitehall has invested approximately $16 billion of equity in real estate and other derivative investments with a gross cost basis of approximately $50 billion.
Founded in 1991 by Chairman and Chief Executive Officer Thomas J. Barrack Jr., Colony Capital is a private, international investment firm focusing primarily on real estate-related assets and operating companies. At the completion of this transaction, Colony will have invested more than $20 billion in over 8,000 assets through various corporate, portfolio and complex property transactions.
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