Bill Gates’ investment firm Cascade Investment LLC will take a controlling stake in luxury hospitality group Four Seasons.
Cascade has agreed to buy half of Saudi Prince Alwaleed bin Talal’s stake in the hotel chain.
On completion, it increases Gates’ ownership in Four Seasons from 47.5% to 71.25%.
The deal is worth about $2.21 billion and is expected to close in January 2022..
The transaction ‘marks a pivotal point in the evolution of Four Seasons’ and affirms Cascade’s commitment to ‘provide ‘resources to accelerate growth’ Four Seasons said.
Prince Alwaleed will keep his remaining 23.75% stake in the company.
Isadore Sharp, Four Seasons founder and Chairman also holds a 5% stake.
