(Bloomberg) -- U.S. private equity giant Blackstone Inc. has won its almost yearlong pursuit of Crown Resorts Ltd. after the troubled Australian casino operator on Monday accepted its A$8.9 billion ($6.4 billion) takeover offer.

Under the offer, Crown shareholders will receive A$13.10 cash per share. The stock closed Friday at A$12.39. A meeting to vote on the offer is expected to be held in the second quarter of the year, Crown said in a statement Monday.  

The deal ends a sorry chapter in Crown’s history after it was found unsuitable to run its Sydney casino and given two years to address a litany of wrongdoing at its flagship Melbourne casino, including facilitating money laundering and underpaying taxes. 

Nonetheless, if Blackstone can reform Crown and appease regulators, the prize is clear: casino monopolies in two Australian cities and a gleaming A$2.2 billion resort on Sydney’s waterfront.  

The agreement to sell to Blackstone also gives Crown’s biggest shareholder, billionaire James Packer, a clean exit from a company that was once synonymous with his family name. Packer, who owns about 36% of Crown, has largely retreated from corporate life in recent years to deal with mental health issues.

Blackstone made its first approach for Crown in March last year, with an initial offer of A$11.85. That and a subsequent offer in May were rejected as two low. In July, rival Australian casino operator Star Entertainment Group Ltd. scrapped a merger proposal with Crown, while an offer from Oaktree Capital Management LP to fund the buyout of Packer’s stake also didn’t proceed.

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