-- 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.