Marriott takeover of Starwood to complete on Friday

Marriott International’s acquisition of Starwood Hotels & Resorts to create the world’s largest hotel company is set to complete within days after Chinese regulatory authorities gave their nod to the £9.5b deal.

The agreement to combine Marriott, which has more than 4,500 hotels across 19 brands, with Starwood’s 1,300 properties and 11 brands, is now expected to be finalised on Friday (23 September).

The approval of the deal by the Chinese Ministry of Commerce follows the go-ahead being given by more than 40 countries.

Starwood’s shares will cease trading on the New York Stock Exchange before the markets open on Friday morning.

It has taken more than 10 months for the deal to be completed after Chinese-based Anbang Insurance Group gatecrashed the negotiations with an alternative offer, resulting in Marriott’s original agreed bid of £8b being increased by £1.5b.

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