On April 8, the shareholders of Starwood Hotels & Resorts Worldwide and Marriott International approved the acquisition of Starwood by Marriott International.
The $12.4 billion agreement through which Marriott will take over Starwood will lead to the creation of the world’s largest hotel group with approximately 30 brands. The new company will own over 5,700 hotels with 1.1 million rooms globally, and Marriott will gain a larger presence in the markets of Europe, Latin America, and Asia.
According to the latest offer, Starwood shareholders will receive $21 in cash and 0.8 Marriott shares for each share they hold, which is the equivalent of $73.42/share.
Holders of over 97% of Marriott’s voting shares voted in favor of the transaction, as did over 95% of Starwood shareholders, according to a joint statement from the two American companies.
The transaction is expected to be finalized by the middle of this year.
Source: Capital
Frequently Asked Questions
What is the value of the Marriott-Starwood deal?
The acquisition is valued at approximately $12.4 billion.
How many hotels will the combined company operate?
The new entity will manage over 5,700 hotels and 1.1 million rooms worldwide.
What did Starwood shareholders receive in the deal?
Shareholders received $21 in cash and 0.8 Marriott shares for each Starwood share held.