Marriott International’s pending buyout of Starwood Hotels & Resorts has been approved by Chinese regulators, clearing the way for the acquisition to be completed by Sept. 23, Marriott and Starwood said in a joint statement on Tuesday.

The acquisition’s review by the Chinese Ministry of Commerce was the last regulatory approval required to complete the merger. The acquisition had previously been approved by more than 40 countries and entities, including the U.S., European Union, India and Japan.

The combined hotel company will be the world’s largest, with about 5,800 hotels under 30 brands. Marriott is paying $21 in cash and 0.8 shares of Marriott stock per Starwood share, valuing the buyout at about $13 billion.

Marriott and Starwood said in early August that the transaction would be delayed by as many as 60 days to accommodate Chinese regulators’ review of the acquisition.

Marriott first reached an agreement to buy out Starwood in November in a transaction valued at about $12.2 billion at the time, then engaged in a bidding war with China-based Anbang Insurance Group before Anbang bowed out in March.

Comments

From Our Partners


From Our Partners

2021 Ireland Luxury Marketplace
Ireland Luxury Marketplace: New Webinar Series
Register Now
Los Cabos dining district
Los Cabos' 23400 District
Read More
2021 WOL Webinar
The World of Luxury for 2022
Register Now

JDS Travel News JDS Viewpoints JDS Africa/MI