Deals
Billionaire Cheng’s Company to Buy Macau Junket Operator
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International Entertainment Corp., the company controlled by the family of Asia’s fourth-richest man, Cheng Yu-tung, agreed to pay as much as HK$7.35 billion ($948 million) for a Macau gambling-junket operator, seeking to tap a casino boom in the Chinese city.
International Entertainment rose as much as 20 percent to HK$11.30 before closing 1.6 percent lower at HK$9.30 in Hong Kong. The city’s benchmark Hang Seng Index gained 0.3 percent. The stock resumed after a one-day halt.