Krazy
April 11th, 2006, 04:02 AM
Al Waleed gets approval to buy Fairmont
Riyadh: The United States Federal Trade Commission has approved a plan by Prince Al Waleed Bin Talal Bin Abdulaziz, Chairman of Kingdom Holding Company, to acquire Fairmont Hotels and Resorts for $3.9 billion.
The approval of the acquisition was direct and confirms to the non-discriminatory policy of the US in welcoming foreign investors, especially Arab investors. It also re-affirms Prince Al Waleed's long-standing presence in the US.
Last January, Kingdom Hotels International (Kingdom), announced that it would acquire Fairmont Hotels & Resorts for $3.9 billion, and would merge it with Raffles of Singapore making the combination equal to $5.5 billion.
The deal will give the Canadian company two-thirds by affiliates of Kingdom Hotels International and one-third by Colony Capital Acquisitions, LLC and they will acquire all of Fairmont's outstanding common shares at a price of $45.00 per share in cash.
Riyadh: The United States Federal Trade Commission has approved a plan by Prince Al Waleed Bin Talal Bin Abdulaziz, Chairman of Kingdom Holding Company, to acquire Fairmont Hotels and Resorts for $3.9 billion.
The approval of the acquisition was direct and confirms to the non-discriminatory policy of the US in welcoming foreign investors, especially Arab investors. It also re-affirms Prince Al Waleed's long-standing presence in the US.
Last January, Kingdom Hotels International (Kingdom), announced that it would acquire Fairmont Hotels & Resorts for $3.9 billion, and would merge it with Raffles of Singapore making the combination equal to $5.5 billion.
The deal will give the Canadian company two-thirds by affiliates of Kingdom Hotels International and one-third by Colony Capital Acquisitions, LLC and they will acquire all of Fairmont's outstanding common shares at a price of $45.00 per share in cash.