Minor International (MINT) has reached an agreement with HNA Group to purchase an equity stake of 25.2 per cent in NH Hotel Group in a two-tranche transaction valued at EUR 619 million.
The purchase follows MINT’s earlier purchase of a 9.5 per cent shareholding in the group. MINT also confirms that it will follow Spanish regulations as applicable to launch an all-cash public tender offer to acquire NH Hotel Group’s remaining shares.
“We are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry,” says Dillip Rajakarier, CEO Minor Hotels.
“We will be able to create a network of over 540 hotels with a reach across Asia, Oceania, the Middle East, Africa and Europe, all of which are important hospitality regions around the world. The business network will allow the two companies to capitalise on our leadership positions in key growth areas, highly complementary asset and brand portfolio, technology platform and talented employees. MINT can also support the NH Hotel Group with its food & beverage expertise, where appropriate, to enhance customer experience and maximise revenue potentials. Together, we will be well-positioned to achieve greater success, provide greater value to customers and create more exciting growth opportunities than either company could achieve alone.”