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Marriott To Buy Elegant Hotels In $130.1 Mln Deal

Marriott International (MAR) said that it has reached an agreement with the board of Elegant Hotels Group plc (EHG.L) on the terms of a recommended all cash offer for Elegant.

As per the terms of the offer, each Elegant shareholder would be entitled to receive 110 pence per Elegant share. The offer values the entire issued and to be issued ordinary share capital of Elegant at about 100.8 million pounds or $130.1 million.

The offer price implies an enterprise value for Elegant of about $199.0 million based on Elegant's total net debt of $68.9 million as at 31 March 2019.

Marriott said it plans to carry out renovations to the hotels in the Elegant portfolio Following the acquisition Upon completion of the planned property renovations, Marriott intends to operate all the Elegant hotels as all-inclusive resorts under one or more of Marriott's collection brands.

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