Marriott International said that its merger with Starwood Hotels & Resorts Worldwide cleared the Ministry of Commerce of China, so the companies have now consummated their hospitality marriage.
In March 2016, Marriott reached an agreement to acquire Starwood for USD13.6 billion. Based on the agreement, the acquisition would be realized with cash and shares. Starwood's shareholders will gain USD21 plus 0.8 Marriott ordinary share for each Starwood share.
On August 8, China's Ministry of Commerce requested to extend the review period of the acquisition deal for up to 60 days. Prior to this, the deal had been approved by regulatory authorities of over 40 countries, including the U.S., Canada, and Japan. China was the last regulatory consent needed to proceed with the merger.
Marriott International is headquartered in Bethesda, Maryland and it operates and manages over 4,000 hotels in 85 countries and regions. The group owns 19 hotel and resort brands, including Ritz-Carlton and JW Marriott.
Starwood Hotels & Resorts Worldwide is headquartered in Connecticut and it has over 1,200 hotels around the world, with brands like Westin and Sheraton. The merger of Marriott and Starwood will create the world's largest hotel group with market value of USD36 billion. Their businesses will cover over 100 countries and regions, providing over 1.1 million rooms in 5,500 hotels.