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Marriot's Starwood Acquisition Creates World's Largest Hotel Company Shareholders for both companies on Friday agreed to a deal, which was valued at $12.41 billion.

By Reuters

entrepreneur daily

This story originally appeared on Reuters

Marriott | Starwood

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.

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)

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