Bluesky Hotels to buy Canada's InnVest for $2.1 billion

Tue May 10, 2016 9:36pm EDT
 
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May 10 (Reuters) - Canada's InnVest Real Estate Investment said that it has entered into an agreement to be bought by Bluesky Hotels and Resorts.

The transaction values InnVest at $2.1 billion, including debt, the company said on Tuesday.

InnVest's shareholders will receive $7.25 in cash for each InnVest unit, representing a 37 percent premium over the 30-day volume-weighted average price of $5.28, the company said.

The company also said that it intends to maintain its workforce following the completion of the transaction.

CIBC World Markets acted as financial advisors, while Norton Rose Fulbright Canada LLP provided legal advise to InnVest. (Reporting by Parikshit Mishra in Bengaluru; Editing by Sandra Maler)