US-based hospitality company SBE Entertainment Group is in advanced talks to merge with restaurant group Hakkasan.
SBE, founded by Sam Nazarian, confirmed the company is in advanced talks to combine with Hakkasan, which has two sites in London as well as venues in Las Vegas and the Middle East.
The company would have an equity value of about $1b (£796m), and the deal is expected to close within 60 days, according to the Wall Street Journal. The paper also reported Nick McCabe, president of Hakkasan Group, confirmed the deal.
SBE acquired the US-based Morgans Hotel Group last year, expanding its London portfolio to include the Sanderson, St Martins Lane and Mondrian hotels and doubling its hotel portfolio.
Nazarian said: "SBE is in advanced discussions with Hakkasan Group regarding a potential merger. As currently contemplated, SBE would welcome Hakkasan's global portfolio of prestigious restaurants and best in class nightlife assets into sbe's international platform of lifestyle hospitality and entertainment assets to create the most dynamic hospitality, residential, restaurant and entertainment company in the industry. The merger is expected to close within 60 days."
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