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Marriott gets EU approval for Starwood acquisition

Tuesday, 28 June 20163 min read
Marriott gets EU approval for Starwood acquisition

Marriott International has been given unconditional clearance from the European Union to purchase Starwood Hotels and Resorts Worldwide.

The deal, worth around $12.1 billion, will create the world’s largest hotel chain.

The European Commission’s Commissioner for Competition Margaret Vestager said: "This is an important merger for the hotel industry and its customers.

"Our investigation confirmed that the hotel sector will remain competitive for customers in Europe following the merger, so I am pleased that the Commission was able to clear the transaction quickly."

The deal is now subject to additional antitrust clearances, including in China.

Both Marriott and Starwood shareholders overwhelmingly approved the acquisition on April 8.

The deal is expected to be closed next month.