Following a 10-month courtship, Marriott International and Starwood Hotels & Resorts have completed its $12.2 billion merger transaction. The two companies yesterday received antitrust approval from the Chinese Ministry of Commerce, the final regulatory approval required. The Chinese regulators previously requested 60 extra days to complete its review of the deal.
Starwood shareholders will receive $21 in cash and $0.80 shares of Marriott Class A common stock for each Starwood common stock. Former Starwood shareholders are entitled to Marriott’s quarterly cash dividend of $0.30 per share of Marriott common stock. The combined company will have 1.1 million rooms across more than 30 brands.
The transaction will be officially closed in time for the market to open on Friday, September 23rd.