Marriott and Starwood Stockholders Approve Merger Forming World’s Largest Hotel Group
The combined entity will be the world’s largest hotel company.
At the Marriott meeting, over 97% of shares present voted in favor, while 95% voted in favor of the transaction at the Starwood meeting.
The transaction, which has already cleared a pre-merger antitrust review in both Canada and the United States and other countries where required, is set to close in the middle of 2016, after Starwood completes the divestiture of its timeshare business at the end of April. The transaction still requires the approval of European Union and Chinese antitrust regulators and the satisfaction of other customary closing conditions.
The two companies will now focus on integration issues.“With today’s successful stockholder approval milestone, we are that much closer to completing our transaction. Our teams continue to plan the
integration of our two companies, and we are committed to a timely and smooth transition,” said Arne Sorenson, Marriott’s CEO.
(Photo: Accura Media Group)