Shareholders approve Marriott and Starwood merger

08 April 2016 by
Shareholders approve Marriott and Starwood merger

The proposed merger of Marriott International and Starwood Hotels & Resorts has been approved by shareholders of both companies.

The deal will create a hotel giant of 1.1 million rooms across more than 5,500 hotels, involving 30 brands.

Marriott's offer of £8.8b for Starwood was accepted by shareholders, with the transaction expected to be complete around mid-2016.

Marriott president and chief executive Arne Sorenson said: "With today's successful stockholder approval milestone, we are that much closer to completing our transaction. Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders' vote of confidence in our ability to drive long-term value and opportunity as a combined company."

Starwood's chief executive officer Thomas B Mangas added that he was grateful for the support for the merger.

"There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests," he said.

Marriott-Starwood merger back on track as Anbang pulls out of bidding war >>

Starwood tug of war continues as Marriott ups offer >>

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