Permira has agreed to pay $838m (£412m) for a 20% stake in one of Macau’s licensed industry operators. Financial Times. The Times. The Independent

The British private equity firm bought the 452m shares from K. Wah International Holdings, a Hong Kong property and building materials company, in it first foray in the Asia-Pacific region.

K. Wah and its chairman, Lui Che-woo, will retain a 52% holding of Hong Kong-listed Galaxy Entertainment, which is one of only three companies licensed to operate casinos in Macau, the world’s largest and fastest-growing gaming market, alongside Stanley Ho’s Sociedade de Jogos de Macau and Wynn Resorts of the US.

Martin Clarke, partner at Permira, said the buyout firms investment would go towards the construction of Galaxy’s second casino resort, due to open in 2008.