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FINWIRES

Melco International to Transfer IP Holding Unit in Intra-Group Sale; Shares Down 3%

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Melco International Development (HKG:0200) unit MI IP Licensing Services 1 agreed to sell its entire interest in MI IP Licensing Services 2 to MCO (IP) Holdings for $375 million, according to a May 1 Hong Kong bourse filing.

Shares of the financial leasing firm were down nearly 3% in Monday afternoon trading.

The buyer is a subsidiary of Melco Resorts & Entertainment, which is 56.32% owned by Melco International Development.

Following completion of the deal on May 8, the firm will hold a 56.32% in the target through Melco Resorts & Entertainment.

The target firm is an intellectual property holding vehicle, which holds ownership of a portfolio of trademarks, service marks, brands, certification marks, and logos, among other things, in areas where Melco Resorts Group has operations.

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