Biggest Chinese acquisition of US company on tap
HOT.N), the operator of Sheraton and Westin hotels, said on Friday it planned to accept a raised buyout offer from a group led by China’s Anbang Insurance and scrap its deal with Marriott International Inc (MAR.O).
A successful deal would bolster Anbang’s reputation as one of China’s top corporate acquirers and would follow its purchase of New York’s iconic Waldorf Astoria hotel last year.
It would also be the biggest acquisition of a U.S. company by a China-based investor.
Anbang’s new offer raises the value of Starwood to $13.16 billion from $12.82 billion, based on shares outstanding as of Feb. 19. Marriott had offered $12.2 billion for Starwood.
Anbang has also agreed to buy Strategic Hotels & Resorts Inc for around $6.5 billion, a person briefed on the matter told Reuters last week. Read more