Marriott gets antitrust clearance to acquire Starwood from EU
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Marriott has received unconditional clearance from the European Union to acquire Starwood Hotels and Resorts Worldwide in a merger transaction.
The Commissioner for Competition, Margaret Vestager said, “This is an important merger for the hotel industry and its customers. Our investigation confirmed that the hotel sector will remain competitive for customers in Europe following the merger, so I am pleased that the Commission was able to clear the transaction quickly.”
The closing of the proposed merger is subject to obtaining additional antitrust clearances, including in China, and satisfying other customary closing conditions that are in the merger agreement. Until legal close, the companies will continue to operate as separate and independent entities.
Stockholders of both Marriott and Starwood overwhelmingly approved proposals related to the transaction on April 8 and Marriott and Starwood anticipate closing the transaction in July 2016.