Microsoft co-founder Bill Gates and Saudi Prince Alwaleed bin Talal are to buy the Four Seasons hotel group for USD 3.7 bn (EUR 2.89 bn). Gates' Cascade Investments will team up with Talal's Kingdom Hotels International to buy the Toronto-based Four Seasons group. The announced price, which is equivalent to USD 82 (EUR 64) per share, values the group at 28 percent higher than its closing price of $63.87 (EUR 49.88) per share last Friday.
Microsoft co-founder Bill Gates and Saudi Prince Alwaleed bin Talal are to buy the Four Seasons hotel group for USD 3.7 bn (EUR 2.89 bn). Gates' Cascade Investments will team up with Talal's Kingdom Hotels International to buy the Toronto-based Four Seasons group. The announced price, which is equivalent to USD 82 (EUR 64) per share, values the group at 28 percent higher than its closing price of $63.87 (EUR 49.88) per share last Friday.
Four Seasons founder and chief executive Isadore Sharp backed the offer, saying in a statement Monday that it was 'the best way to preserve and expand the long-term strategy, vision and core values of Four Seasons.'
Sharp's family currently controls most of the company's voting stock. Sharp will remain Four Seasons chairman and chief executive and will continue to direct all operations. The deal will require shareholder approval. The Four Seasons chain has 71 hotels in 31 countries as well as more than 25 properties currently under development.
