LONDON – Permira, a European private equity firm, said on Thursday that it had sold its remaining stake in the casino operator Galaxy Entertainment, almost tripling its initial investment.
Permira, which started selling stakes in Galaxy in 2011, sold its final 6 percent in the company for $ 875 million. While Permira was among its investors, Galaxy expanded into one of the biggest casino operators in Macau, the only place in China where gambling is legal.
“Galaxy has proven to be a very successful investment and partnership with the founding family,” Permira said in a statement.
Permira invested in Galaxy in 2007. Since then, the casino operator has added hotel beds and increased occupancy rates. It also started building two new luxury hotels to be completed in 2015. Earnings rose 46 percent in the third quarter, to $ 2.6 billion, from the period a year earlier.
Shares in Galaxy fell 4.4 percent in Hong Kong on Thursday.