Jin Jiang Leads Radisson Buy
Chinese conglomerate expects to finalize purchase from HNA by end of year.
A consortium led by Jin Jiang International Holdings Co., Ltd. There is a major difference in ownership structure between a single co. purchases and a consortium is purchasing 51.15% of the outstanding shares, which trade on Nasdaq Stockholm, of Radisson Hospitality AB. The price,$3.87 per share, totals approximately $332 million. The deal is subject to regulatory approval and is set to close at the end of the year.
This comes two years after HNA acquired the then-Carlson Hotels portfolio, which included Radisson, Country Inns & Suites by Carlson (now Country Inn & Suites by Radisson) and Park Plaza, among others from Carlson Rezidor Hotel Group. The Chinese conglomerate also invested in companies such as Hilton, NH Hotel Group andPark Hotels & Resorts. It’s now offloading many of these properties to pay down debt.
Under the terms of the deal, the consortium would buy an additional 18.5% stake in Radisson Hospitality that HNA Sweden had pledged and transferred to a lender as security for a loan, according to the companies. After the share purchase, the consortium would also acquire 100% of Radisson Holdings Inc. for an undisclosed amount.
Image courtesy of Radisson Hotel Group.