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
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.