Bill Gates' Investment Firm Will Control Four Seasons After $2.21 Billion Deal The deal will close in January of 2022, pending regulatory approvals.
Bill Gates' Cascade Investment, LLC. has been a long-standing shareholder in Four Seasons Hotels and Resorts, but has now entered into a definitive agreement to acquire a controlling interest in the company.
The deal will close in January of 2022, pending regulatory approvals.
Four Seasons made the announcement Wednesday, noting the $2.21 billion, all-cash deal will increase Cascade's existing 47.5% stake to 71.25%. Cascade purchased half of the existing 47.5% stake owned by Saudi Arabian Prince Alwaleed bin Talal's Kingdom Holding Company, valuing Four Seasons at a $10 billion enterprise value.
Related: Bill Gates' money manager allegedly made sexual and racist comments about his female partners
Isadore Sharp, the Four Seasons founder and chairman, will retain his 5% stake.
"As we mark our 60th anniversary and look back on the profound impact that Four Seasons has had on luxury hospitality we also look forward with tremendous excitement and confidence in the future of the industry. The unwavering support and partnership of our shareholders has and continues to be critical as we capitalize on growing opportunities to serve luxury consumers worldwide," said company CEO John Davison on Wednesday.
He called the deal "another key moment" in the company's "storied history."
In its own announcement, Kingdom Holding Company said it would use the proceeds from its sale "for future investments and repayment of part of its outstanding loans."