Neighbourhood Travel Desk: So much for Barcelo’s hopes of finally acquiring a piece of Spanish hotel group NH Hotels. Chinese conglomerate HNA Group on Tuesday confirmed it would sell its 25.2 percent stake in NH Hotels on a fully diluted basis for a total of $729 million (€619 million) to Thai Minor International, the parent company of Minor Hotels, whose brands include Anantara, Avani, and Tivoli.
With this deal, Minor is now has a more than 30 percent stake and, under Spanish laws, that means Minor can initiate a full takeover of the company. Minor plans to launch an all-cash public tender offer to acquire NH Hotel Group’s remaining shares at a price not lower than $7.50 (€6.40) per share. The company also said it “targets its shareholding in NH Hotel Group at around 51 to 55 percent,” and that it wants NH to remain a publicly traded company on the Madrid Stock Exchange. The bid is subject to regulatory approval, and the final acquisition percentage will depend on NH Hotel Group’s existing shareholders.
Minor has offered $7.50 per share (€6.4 euros) per share for an initial 17.64 percent of HNA’s shares, totaling $493.9 million dollars (€421.4 million), subject to transaction-related agreements and set to close on June 15.
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