Marriott and Starwood pass regulatory hurdle for mega merger

Monday, 02 Mar, 2016 0
The deal to create the world’s largest hotel group has passed an important regulatory hurdle.
 
The mandatory waiting period in the proposed merger has expired, paving the way for Marriott International to complete its takeover of Starwood Hotels & Resorts.
 
There were no antitrust challenges from the US Federal Trade Commission or the Competition Bureau of Canada, allowing the transaction to continue unopposed.
 
The two companies continue to cooperate with authorities around the world to gain various approvals for the transaction.
 
Both Marriott and Starwood said they will hold separate stockholder meetings as planned on March 28 to formally approve the deal.
 
Subject to all the regulatory approvals and completion of Starwood’s ongoing divesture of its vacation ownership unit, the transaction is expected to close by the middle of 2016.
 


 

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.



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