EU clears Marriott's purchase of Starwood Hotels

Mon Jun 27, 2016 8:36am EDT
 
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BRUSSELS (Reuters) - U.S. hotel chain Marriott International (MAR.O: Quote) secured EU antitrust approval on Monday for its cash and share purchase of Starwood Hotels and Resorts Worldwide Inc HOT.N.

The deal, currently worth about $12.1 billion, will put Marriott's brands including the Ritz-Carlton and Starwood's Sheraton and Westin chains together to create the world's largest hotel company and is one of many in the sector this year.

"This is an important merger for the hotel industry and its customers. Our investigation confirmed that the hotel sector will remain competitive for customers in Europe following the merger," EU Competition Commissioner Margrethe Vestager said in a statement.

Reuters reported on June 14 that the EU was set to clear the deal without conditions.

(Reporting By Philip Blenkinsop)

 
A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York November 16, 2015. REUTERS/Andrew Kelly