If the Argentine subsidiary is taken out of the sale, an issue that Cirsa agreed to, the Blackstone fund has the best offer so far, since Advent gave up bidding on the company of the Lao family, whose value US$ 2 billion is around, Spanish newspaper Expansión reported.
The refusal of those interested in buying the Argentine subsidiary is because of the partner that Cirsa has in the country: Cristóbal López, who is accused of evading the treasury, and also the current complicated situation of Cirsa casinos in Buenos Aires. To circumvent the bans on gambling activity in the city, it uses two ships on the Río de la Plata, which are attributed a few hours of navigation lower than the regulations and a risk of losing their concessions, which expire in 2019, according to Expansión infirmation.
These complications contributed to one of the four initially interested funds, Advent, having decided to withdraw from the bid.
Of the three remaining funds in the struggle for the Spanish gaming giant, Blackstone was the one that presented the best offer, compared to the proposals of Apollo and Cerberus. All three are firms specialized in "companies in distress", which they clean up and prepare for their sale. The activity of these funds is known in Spain, especially for its operations in the real estate and financial sectors.
The process to submit non-binding offers was completed in mid-February. The deadline for the sale of the group to the highest bidder ends at the end of March.
Source: GMB / El Cronista
