Blackstone looks to acquire Spanish hotel group Hispania, lines up $2.3bn offer
According to Bloomberg, Blackstone’s investment subsidiary Alzette Investment is looking to acquire the entirety of Spanish hotels company Hispania in a deal that would be worth $2.3bn.
Hispania, back by George Soros, has reportedly been considering a number of options in regard to the sale of its assets. These have included bids from Tristan Capital Partners, and allegedly, a 100% acquisition bid from Blackstone’s Alzette Investment.
Currently, Alzette has reportedly agreed to pay €17.54 (USD$21.53) per share for a 16.65% stake in Hispania from the Soros owned QP Capital Holdings and QPB Holdings funds that would total $387.21mn.
However, Bloomberg has revealed that it will now look to build on this offer and attempt to wholly acquire Hispania in a deal that would total over $2.3bn, should they continue to pay the same price per share.
This latest offer continues Blackstone’s trend of investing heavily into the Spanish market of late, having both acquire HI Partner and bought a majority stake in Banco Popular’s real estate portfolio late last year.
Minor International edges closer to NH Hotel Group takeover with €619mn deal for HNA Group stake
Minor International in lining up the full acquisition of NH Hotel Group after purchasing an additional 25.2% stake in the Spanish company for €619mn.
Thailand-based Minor revealed its plans on Wednesday having completed a deal for the extra shareholding previously held by Chinese conglomerate HNA Group, taking its current total stake in NH Hotel Group to approximately 38%.
By moving beyond a 30% stake in the company, Minor is now eligible under Spanish law to launch a takeover bid – something it plans to do within the next few months.
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NH rejected a similar approach from rival Grupo Barcelo earlier this year however and any completion is subject to the approvals of Minor’s shareholders, the National Securities Market Commission of Spain (CNMV) and clearance by relevant anti-trust authorities.
The share purchase from HNA Group will be in two tranches of 65.85mn shares to be completed on or around 15 June and 32.94mn shares, expected to be completed in September. HNA is selling as part of a wider divestment of assets through which it hopes to complete debt repayments.
“Today we are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry,” said Dillip Rajakarier, CEO Minor Hotels.
“We will be able to create a network of over 540 hotels with a reach across Asia, Oceania, the Middle East, Africa and Europe, all of which are important hospitality regions around the world. The business network will allow the two companies to capitalise on our leadership positions in key growth areas, highly complementary asset and brand portfolio, technology platform and talented employees.”