China approves Marriott-Starwood deal, creating world’s biggest hotel group

Antitrust regulator signs off last review to create $36bn hospitality giant
China approves Marriott-Starwood deal, creating world’s biggest hotel group
By Reuters
Tue 20 Sep 2016 05:39 PM

Chinese antitrust regulators approved Marriott International Inc's deal to buy Starwood Hotels & Resorts Worldwide Inc, clearing the way for the combined company to become the world's largest hotel group.

China's Ministry of Commerce (MOFCOM) was the only review pending after the companies secured premerger approvals from more than 40 countries including the United States, the European Union and Canada.

The combined company will have an enterprise value of $36 billion and 1.1 million hotel rooms.

Marriott and Starwood expect the transaction to be completed before the market opens on Sept. 23.

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