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Spain: Blackstone seeks CNMC nod for Hispania hostile takeover

By  |  May 1, 2018

US investment fund Blackstone has asked Spanish competition regulator CNMC to authorize its planned takeover of hotel operator Hispania, in a deal valued at €1.9 billion (US$2.3 billion). The operation would make Blackstone the largest hotel operator in Spain.

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    The CNMC has one month to approve the operation, or submit it for deeper analysis. Currently, the operation is pending approval by the National Securities Market Commission (CNMV), as Hispania has described the deal as “hostile.”

    Blackstone launched its OPA after becoming the largest shareholder in the company following the acquisition of 16.5% of Hispania’s shares controlled by renowned investor George Soros.

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