Marriott's Acquisition Of Starwood Has Antitrust Authorization From Saudi Arabia And Mexico
Marriott International, Inc. (NASDAQ: MAR) today announced it has received authorization from competition authorities in Saudi Arabia and Mexico to proceed with its acquisition of Starwood Hotels & Resorts (NYSE: HOT) in a merger transaction.
With these authorizations, the only remaining country in which Marriott and Starwood require pre-merger authorization is China. Marriott and Starwood continue to cooperate with the Chinese regulatory agency (MOFCOM) and will be prepared to close the transaction promptly upon receiving authorization 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.
About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 8,100 properties under 30 leading brands spanning 139 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program. Connect with us on Facebook and @MarriottIntl on Twitter and Instagram.