French hotel chain Accor is buying the company that owns luxury hotel lines Raffles, Swissotel and Canada’s Fairmont in a deal worth about $2.9 billion US in cash and shares.
Accor is buying the company known as FRHI from joint owners Qatar Investment Authority; King Holding Co., which is the private investment arm of Saudi Prince Alwaleed Bin Talal; and Oxford Properties Group, the real estate division of OMERS, Ontario’s municipal workers pension plan.
QIA and King Holding will each retain minority stakes in the new company, while Oxford will not.
“Fairmont Raffles Hotels International has become a leading luxury hotel company with an expanded international presence,” QIA CEO Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani said in a release. “This deal generates the scale needed to drive the next phase of growth in our real estate and hospitality investments. QIA has confidence in AccorHotels and looks forward to becoming a significant shareholder.”
Full content: SF Gate
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI