Further proceedings of the proposed acquisition of Restel’s hotel business
The Finnish Competition Authority has today announced that it has decided to initiate further proceedings of Scandic Hotel Group's ("Scandic") proposed acquisition of Restel's hotel operations in Finland.
The possibility of further proceedings was included in the original timetable for the transaction, and it is still the company's assessment that the transaction will be completed by the end of the fourth quarter 2017, subject to the results of the review. According to the Competition Act, the further proceedings may not take longer than three months. Scandic believes that the proposed deal will be positive for customers in the Finnish hotel market and will continue its constructive dialogue with the competition authorities to ensure that all questions are answered satisfactorily.
The proposed acquisition of Restel was announced on 21 June 2017.
About Scandic Hotels Group
Scandic is the largest hotel company in the Nordic countries with a network of about 280 hotels and 58,000 hotel rooms in operation and under development at more than 130 destinations. The company is leading the way in integrating sustainability in all areas and its award-winning Design for All concept ensures that Scandic hotels are accessible to everyone. Well loved by guests and employees, the Scandic Friends loyalty program is the largest in the Nordic hotel industry and Scandic is one of the most attractive employers in the region. Scandic is listed on Nasdaq Stockholm.
Jan Johansson
Chief Financial Officer
+46 70 575 89 72
Scandic
