Published On: Sun, Jul 10th, 2016

Marriott/Starwood acquisition gains KSA, Mexico approval

Marriott International, Inc has revealed that it has received authorisation from competition authorities in Saudi Arabia and Mexico to proceed with its acquisition of Starwood Hotels and Resorts in a merger transaction.

With these authorisations, the only remaining country in which Marriott and Starwood require pre-merger authorisation from is China.

Marriott and Starwood said they continue to cooperate with the Chinese regulatory agency (MOFCOM) and will be prepared to close the transaction promptly upon receiving authorisation notice from China.

Stockholders of both Marriott and Starwood overwhelmingly approved proposals related to the transaction on April 8.

Until legal close, the companies will continue to operate as separate and independent entities.

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