Marriott-Starwood Merger Finally Receives Antitrust Approval
Chinese regulators have at long last approved Marriott International's purchase of Starwood Hotels & Resorts Worldwide. This was the final regulatory hurdle for the merger, and with antitrust approval in hand, it expects the transaction to be complete before the stock market opens Friday, Bloomberg reports.
The $13.6B merger was announced late last year, though shareholders from both Marriott and Starwood didn't finally approve it until April, paving the way to the creation of the world’s largest hotel company.
The approval followed an intense bidding war for Starwood between Marriott and China’s Anbang Insurance—which snatched up Strategic Hotels and Resorts in March from Blackstone for $6.5B. [Bloomberg]