Chinese Jin Jiang International has reached an agreement with Radisson's main owner, Chinese HNA, on Thursday to purchase 51.15 percent of the Radisson hotel chain.
Chinese Jin Jiang International is purchasing over half of the shares in the Radisson hotel chain from the company Radisson Hospitality Inc. This is stated in a press release from Jin Jiang International on Thursday evening.
There have previously been reports that Jin Jiang has considered a bid for Radisson, something that was reported last week.
The price is stated to be SEK 35 per share, compared to Thursday's closing price of SEK 36.85. Jin Jiang International expects the deal to be completed before the end of the year.
At the same time, the company has also entered into an agreement with HNA Sweden Hospitality Management, a subsidiary of the Chinese HNA Tourism Group, to acquire an additional 18.5 percent of the shares and votes in the hotel company.
HNA Tourism Group has been selling parts of its foreign holdings for some time now to manage the group's high debt.
If both deals go through, Jin Jiang's share will amount to 69.65 percent of the shares and votes in the hotel company, which would trigger the mandatory bid. Jin Jiang writes that the company will return to the issue later.
Jin Jiang already owns, among other things, just over 12 percent of the large French hotel chain Accor.
Source: DI
