Permira may sell stake in Galaxy

Permira Advisers LLP, manager of a USD 14 billion leveraged buyout fund, may sell its USD 1.7 billion stake in Macau casino operator Galaxy Entertainment Group Ltd after the stock jumped 82 percent this year, two sources told Bloomberg.
The firm has been in talks with banks about a possible sale of some or all its shares in the Hong Kong based firm, said unidentified sources of the private talks. Deliberations are at an early stage and no decision about the size and timing of any sale has been made, the sources said.
Permira bought a 20 percent stake in Galaxy in October 2007 for HKD 6.5 billion (USD 835 million) in its first Asian investment. The shares have since almost doubled, and Galaxy last month opened its HKD 14.9 billion casino resort in Cotai after an almost two year delay following the credit crisis.
The London based firm is seeking to return cash to investors as it prepares to raise a 6.5 billion euro private equity fund. Permira’s other investments include British clothing retailer New Look Group and Italian luxury label Valentino Fashion Group SA.
An official at Permira in London declined to comment.