An exterior view of Mandarin Oriental hotel at the financial Central district in Hong Kong, China August 4, 2017. — Photo by REUTERS/Bobby Yip

Hong Kong-based conglomerate Jardine Matheson (JARD.SI) said on Friday its unit would buy the rest of the shares of Mandarin Oriental (MOIL.SI) it does not already own, valuing the hotel investment and management firm at $4.2 billion.

Jardine Matheson, a 193-year-old conglomerate with interests spanning property, retail and automotive, said in statement that full ownership of Mandarin Oriental will allow it to better support the hotel group's growth and streamline its portfolio.

Mandarin Oriental operates 43 hotels, 12 residences and 26 luxury homes across 27 countries and territories, from Hong Kong to New York.

Read the full article at reuters.com