BETHESDA, Md. — The merger of Marriott International, Inc. and Starwood Hotels & Resorts Worldwide, Inc. has received approval from the Chinese Ministry of Commerce, representing the last regulatory approval required to complete the merger.
With approvals in place, closing transactions are expected to be completed before the market opens on Sept. 23 — finalizing the deal which first made headlines last fall.
In conjunction with the merger closing, Starwood expects its shares will cease trading on the New York Stock Exchange before market open on Sept. 23, 2016. As previously announced, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International, Inc. Class A common stock for each share of Starwood Hotels & Resorts Worldwide, Inc. common stock.
Upon closing, Marriott will solidify its status as the world’s largest hotel company.