Bangkok-based hospitality group Minor International will boost its shareholding in Europe’s NH Hotel Group after agreeing to buy HNA Group’s 25.2% stake.
Minor only recently agreed to purchase a minority 9.5% stake in NH Hotel Group for about €192 million.
The latest deal is valued at about €619 million, and it will trigger a full takeover bid.
Minor said it will launch an all-cash tender offer to acquire the remaining shares in NH Hotel Group under Spanish law.
Any offer would be at least €6.40 per share, which is based on the highest acquisition price it has paid in the last 12-month period as applicabe by law.
The acquisition will drive growth in Europe and beyond, said Dillip Rajakarier, chief executive of Minor Hotels.
“Today we are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry. 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,” he said.
The share purchase from HNA will be in two separate transactions, with both completed by September this year.
