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Shareholders rubber-stamp Marriott's £9.4bn Starwood takeover deal

Stakeholders in both companies approve acquisition, which will create the largest hotelier in the world
11/04/2016

Pictured: Marriott president and CEO Arne Sorenson

Marriott’s acquisition of Starwood is nearing completion after the £9.4bn deal was approved by shareholders last week.

The merger will create the largest hotelier in the world, with 5,500 hotels and more than 1.1 million rooms.

Marriott’s path to closing the deal was cleared earlier last week when rival bidder, a consortium led by the Chinese Anbang Insurance Group, withdrew its £9bn offer. The consortium had forced Marriott to improve on its original offer of £8bn.

Arne Sorenson, Marriott’s president and CEO, said: “With today’s successful stockholder approval milestone, we are that much closer to completing our transaction. Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders’ vote of confidence in our ability to drive long-term value and opportunity as a combined company.”

Starwood operates the Sheraton and W hotel brands, while Marriott's portfolio includes Ritz-Carlton and Fairfield Inn.

“There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests,” said Starwood CEO Thomas B.Mangas.


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