Sbe confirms merger talks with Hakkasan Group
Thursday, 27 Mar, 2017
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Just a few months after acquiring Morgans Hotel Group, sbe is looking to expand again.
Sbe CEO and founder Sam Nazarian said it is in talks over a merger with nightclub and restaurant operator Hakkasan Group.
"Sbe is in advanced discussions with Hakkasan Group regarding a potential merger. As currently contemplated, sbe would welcome Hakkasan’s global portfolio of prestigious restaurants and best in class nightlife assets into sbe’s international platform," a statement said.
A merger is expected to close within two months, Nazarian said.
No value was put on the deal, although the Wall St Journal estimates an equity value of about $1 billion for a combined company.
Sbe doubled its hotel portfolio with the takeover of Morgan Hotels and now has 23 hotels and more than 135 hotel, entertainment and food and beverage outlets.
Hakkasan owns a dozen entertainment venues in Las Vegas, including Omnia at Caesars Palace and Hakkasan at MGM Grand.
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