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Marriot's Starwood Acquisition Creates World's Largest Hotel Company

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This story originally appeared on Reuters

Starwood Hotels & Resorts Worldwide Inc. and Marriott International Inc. said on Friday the stockholders of the companies voted to approve Marriott's acquisition of Starwood to create the world's largest hotel company.

Marriott | Starwood

Holders of more than 97 percent of Marriott shares and over 95 percent of Starwood shares voted in favor of the cash-and-stock deal, which was valued at $12.41 billion as of Thursday.

China's Anbang Insurance Group Co. last week abandoned its $14 billion offer for Starwood Hotels, clearing the way for Marriott to buy the owner of Sheraton and Westin hotel brands.

 

Marriott raised the cash portion of its offer to $21 per share on March 21 from $2 per share, valuing the total bid at $73.42 per share as of Thursday.

Marriott said the deal was on track to close mid-2016.

"Our teams continue to plan the integration of our two companies," Marriott Chief Executive Arne Sorenson said.

The deal has cleared the pre-merger antitrust review in the United States and Canada and awaits approvals in the European Union and China.

(Reporting by Ankit Ajmera and Arunima Banerjee in Bengaluru; Editing by Don Sebastian)