BETHESDA, Md. – It’s a done deal, says Marriott International and Starwood Hotels & Resorts, which have just announced that their merger transaction has received approval from the Chinese Ministry of Commerce (MOFCOM).
As this was the last regulatory approval required to complete the merger, Marriott and Starwood are now able to proceed with closing the transaction. They expect the transaction to be completed before the market opens on Sept. 23, pending satisfaction of customary closing requirements.
Upon closing, Marriott will solidify its status as the world’s largest hotel company.
In conjunction with the merger closing, Starwood expects its shares will cease trading on the New York Stock Exchange before market open on Sept. 23. As previously announced, Starwood shareholders will receive US$21.00 in cash and 0.80 shares of Marriott International, Inc. Class A common stock for each share of Starwood Hotels & Resorts Worldwide, Inc. common stock.