Marriott buys Starwood rival for $12.2 billion

Moscow. November 16. American hotel chain Marriott International Inc. reached agreement to acquire rival Starwood Hotels & Resorts, said in a joint press release from the companies.

As a result of the transaction, the cost of which will amount to $12.2 billion, will create the world’s largest operator of hotels with over 5.5 thousand hotels in over 100 countries.

The deal will be paid mostly by shares of Marriott.

In the third quarter of 2015, Marriott’s net profit was $210 million on revenue of $3.6 billion Starwood in July-September was a profit of $88 million, revenue was $312 million.

Marriott shares in the market on Monday rose by 0.4%, paper Starwood – 4%.