A consortium led by Jin Jiang Intl. Holdings Co. Ltd. recently entered into agreements with Radisson Hospitality Inc. and HNA Sweden Hospitality Management AB to acquire 100% of Radisson Holdings and 50.21% of the outstanding shares of Radisson Hospitality AB. As of Tuesday, the deal has been closed. The purchase price under the agreement was $3.87 per share.
“We are now owned by one of the leading travel and hospitality companies—the fifth largest hotel company in the world. Additionally, Jin Jiang’s loyalty program encompasses more than 100 million members. This type of size, coupled with the record number of Chinese consumers traveling abroad, provides a number of new opportunities for Radisson Hotel Group,” John M. Kidd, ceo and chief operating officer for Radisson Hospitality, said in a statement.
Now, the consortium is under obligation in accordance with the Swedish Public Takeover Act to either launch a mandatory tender offer for the remaining outstanding shares in Radisson AB or sell down its ownership in Radisson AB below 30% within four weeks from the completion of the acquisition.
Lobby at Radisson Blu Royal Hotel: Courtesy of Rickard L. Eriksson