Marriott, Starwood deal passes regulatory hurdle, merger likely to pass

Marriott Starwood

Marriott International's acquisition of Starwood Hotels & Resorts Worldwide has cleared the premerger antitrust review in the U.S.

The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, a set of amendments to the antitrust laws of the United States, expired in connection with Marriott's proposed acquisition of Starwood, satisfying one of the closing conditions of the pending combination transactions. 

In addition, the companies announced that the premerger waiting period under Canadian law has expired and that the Competition Bureau of Canada has issued a "no-action letter" in respect of the proposed transaction.  The companies are continuing to cooperate with competition authorities in other jurisdictions worldwide to obtain regulatory approvals for the transaction.

As previously announced, both companies set March 28 as the date of their separate special stockholder meetings to approve the combination transactions. The companies expect to close the transaction in mid-2016, subject to stockholder approvals, receipt of additional regulatory approvals, Starwood's divestiture of its vacation ownership business, and satisfaction of other customary conditions precedent.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

Following the deaths of five people in a shooting at an Airbnb rental in California, CEO Brian Chesky said the platform was “banning party houses.”

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.

The sale is the latest step in Park's asset-light strategy.